Nexxen International launches $50m share buyback on AIM

19th Nov 2024 10:22

(Sharecast News) - Advanced television advertising technology specialist Nexxen International announced a new share buyback programme worth up to $50m on Tuesday.

The AIM-traded firm said the initiative reflected the board's belief that the company's current valuation offered an attractive investment opportunity capable of delivering long-term value to shareholders.

It said the buyback would be funded through existing cash reserves and would be conducted on AIM until 14 February, or until the $50m allocation was exhausted.

The programme would be independently managed by Cavendish Capital Markets, Nexxen's AIM broker.

Nexxen said shares would be repurchased at a maximum price of 105% of the average middle-market closing price over the preceding five trading days, in line with regulatory requirements.

Any shares acquired would either be reclassified as dormant under Israeli Companies Law and held in treasury, or held without voting rights if purchased by a subsidiary.

The programme came as Nexxen said it was delivering flexible solutions for advertisers, agencies, publishers and broadcasters globally through its unified technology stack.

With a presence across the US, Canada, Europe and the Asia-Pacific region, Israel-headquartered Nexxen is listed on both AIM and the Nasdaq and said it remained focussed on leveraging its expertise in data and advanced television to empower its partners.

At 1219 GMT, shares in Nexxen International were up 7.92% at 327p.

Reporting by Josh White for Sharecast.com.