InvestSMART Group (ASX: $INV) on-market share buyback announcement

InvestSMART Group Limited (ASX: $INV) has announced an on-market share buyback of up to 5% of its issued share capital. The Board believes that the current share price of InvestSMART at times does not reflect fair value for its shares. The maximum number of shares which InvestSMART Group proposes to acquire under the on-market buyback is up to approximately 7 million shares, or up to 5% of the lowest number of ordinary shares on issue during the previous 12 months. The buyback does not require shareholder approval.

Executive commentary on the on-market share buyback

InvestSMART Group intends to conduct the buyback taking into account the prevailing share price, market conditions, and the capital requirements of the business. As such, the use of cash to purchase shares will be evaluated from time to time against alternative uses of cash. InvestSMART Group reserves the right to vary, suspend, or terminate the buyback at any time and to buy back less than the maximum possible. The company proposes to fund the buyback from cash on hand. InvestSMART Group continues to be focused on its stated aims of enhancing shareholder returns and capital efficiency and maintaining balance sheet flexibility to pursue growth opportunities.

Summary of InvestSMART Group's on-market share buyback announcement

InvestSMART Group Limited (ASX: $INV) has announced an on-market share buyback of up to 5% of its issued share capital, representing approximately 7 million shares. The buyback does not require shareholder approval and is aimed at addressing the Board's belief that the current share price does not reflect fair value for its shares. The company intends to conduct the buyback considering the prevailing share price, market conditions, and the capital requirements of the business. InvestSMART Group aims to enhance shareholder returns and capital efficiency while maintaining balance sheet flexibility to pursue growth opportunities. The buyback is set to commence no earlier than 18 March 2024 and cease no later than 17 March 2025, with the company reserving the right to vary, suspend, or terminate the buyback at any time.