Solvar's On-Market Share Buy-Back Announcement

Solvar Limited (ASX: $SVR), a leading provider of automotive finance, has announced its intention to conduct an on-market share buy-back of up to $15 million as part of the Group's capital management strategy. The share buy-back of ordinary shares will be for a period of up to 12 months. The Board has made this decision based on the Group's strong capital position.

Executive Commentary on Share Buy-Back and Legal Proceedings

The Board of Directors of Solvar has approved the on-market share buy-back as part of the Group's capital management strategy. Additionally, the Group has provided an update on the ongoing legal action with the Australian Securities and Investment Commission and Commerce Commission of New Zealand, stating that there are no material developments to report in either case, and hearing dates have not yet been set for either proceeding. The Group plans to provide the next update on these matters at the year-end results. Furthermore, the Group reiterates the forecast normalised FY24 Net Profit After Tax of $25-30 million.

Summary of Solvar's Announcement and Outlook

Solvar Limited (ASX: $SVR) has announced its intention to conduct an on-market share buy-back of up to $15 million as part of the Group's capital management strategy, reflecting the Board's confidence in the Group's strong capital position. The Group has also provided an update on the ongoing legal action with regulatory bodies, indicating no material developments and the expectation to provide the next update at the year-end results. Additionally, the Group has reiterated its forecast normalised FY24 Net Profit After Tax of $25-30 million, demonstrating its commitment to its financial outlook. Solvar's focus on capital management and legal proceedings reflects its strategic approach to maintaining financial stability and transparency.