WEB Travel Group (ASX:WEB) has unveiled a new capital management initiative. The company plans to conduct an on-market share buy-back program worth up to $150 million. This initiative aims to boost shareholder value and address potential dilution from convertible notes due in 2026.
WEB Travel Group (ASX:WEB) announced a $150 million share buy-back program set to start in December 2024. This program aims to enhance shareholder value and mitigate dilution from convertible notes due in 2026. The buy-back will use existing cash reserves, demonstrating financial robustness. It complies with ASX Listing Rules and the Corporations Act 2001 (Cth), allowing buy-back of up to 10% of issued capital without shareholder approval. The company maintains flexibility to adjust the program as needed and will report share purchases to the ASX. This reflects the company's commitment to strategic capital management and shareholder returns.
The share buy-back is part of our broader strategy to maximize shareholder value. Utilizing existing cash reserves highlights our solid financial position, while ensuring we can still invest in growth opportunities.