Connexion Mobility announces new buy-back

Connexion Mobility (ASX:CXZ) has unveiled plans for an on-market buy-back of its ordinary fully paid shares. The buy-back, approved by shareholders during the recent AGM, will commence on October 24, 2024, and could continue until October 16, 2025. The transaction will be conducted through Openmarkets Australia Limited.

Overview of buy-back strategy

Connexion Mobility (ASX:CXZ) is set to initiate an on-market buy-back of its securities, aiming to enhance shareholder value. The buy-back, which can include up to 170,628,991 shares, forms a key part of the company's capital management strategy. Conducted through Openmarkets Australia Limited, the buy-back will involve cash transactions in Australian Dollars. Shareholder approval has been secured, with the buy-back beginning on October 24, 2024, and potentially concluding by October 16, 2025. Connexion Mobility aims to manage its capital effectively, and this buy-back represents a strategic effort to reduce the number of outstanding shares.

Executive commentary on buy-back initiative

The buy-back is part of the company's ongoing capital management strategy. The company reserves the right to suspend or terminate the buy-back at any point.