InvestorWeb plans buy-back program

Software financial planning groups chief executive officer

7 September 2001
| By Kate Kachor |

Online financial services group InvestorWeb will purchase up to 10 per cent of its own company shares as part of a buy-back program approved by its board yesterday.

The buy-back program is scheduled to start on September 24 and may utilise up to $6 million of the groups estimated $19 million in cash an liquids reserves.

InvestorWeb chief executive officer, Otto Buttula says given the large level of cash and liquids reserves available to the company the buy-back of issued shares will boost existing shareholder value.

Buttula says InvestorWeb has appointed JB Were to act as broker under the buy-back arrangement. The number of shares predicted in the buy-back include up to 28.6 million shares.

As for going forward, Buttula says acquisition opportunities in software and research services are also on the cards, but the key focus at present is making sure shareholder value is maintained.

In the past few months InvestorWeb has signed deals with three financial planning groups to deliver its VisiPlan software. The groups were Garrisons financial planning group, ING’s Partnership Planning and AMP Hillross .

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

20 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

5 days 1 hour ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 3 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 5 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 23 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

3 days 2 hours ago