DKN to buy back shares

gearing/chief-executive-officer/cent/

25 June 2008
| By Zoe Fielding |
image
image
expand image

Phil Butterworth

DKN Financial Group will commence an on market share buy-back of up to 7.3 million shares, it announced today.

The buy-back of about 5 per cent of shares currently issued will take place over a six-month period.

DKN chief executive officer Phil Butterworth said the share price was currently good value and the buy-back was expected to be earnings per share positive.

“The board is determined to maintain its policy of low gearing and, consequently, DKN is only seeking to buy back a maximum of 5 per cent of its existing share capital,” he said.

“This is well within the current cash holdings of the company without extending the current debt levels of $16 million,” he added.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS