Spark New Zealand's On-Market Share Buyback Announcement

Spark New Zealand Limited (ASX: $SPK) has revealed its plan to initiate an on-market share buyback program starting from 8 April 2024. The company aims to return up to NZ$350 million to its shareholders, stemming from the partial sale of Spark's 'TowerCo' business to the Ontario Teachers' Pension Plan in 2022. The ongoing buyback program, in compliance with NZX listing rules, is set to conclude on 30 March 2024, by which time Spark will have returned approximately NZ$305 million of the allocated NZ$350 million to shareholders.

Executive Commentary on Share Buyback Program

The decision to continue the on-market share buyback program reflects our commitment to delivering value to our shareholders. We are dedicated to efficiently utilizing the proceeds from the TowerCo transaction to benefit our investors. The new buyback program underscores our confidence in the company's financial position and our ongoing efforts to enhance shareholder returns. We will remain vigilant in monitoring market conditions and our share price throughout the program's duration to ensure the best interests of our shareholders are upheld.

Summary of Spark New Zealand's Share Buyback Announcement

Spark New Zealand (ASX: $SPK) has announced a new on-market share buyback program aimed at returning up to NZ$350 million to its shareholders following the partial sale of its 'TowerCo' business. The company has already returned approximately NZ$305 million to shareholders through the ongoing buyback program, and the new initiative seeks to complete the allocated return. The buyback program, authorized under the Companies Act 1993, may run for up to 12 months or until the full NZ$350 million allocated has been returned to shareholders, whichever occurs first. Spark will continue to assess market conditions and other relevant factors throughout the program. The company also reserves the right to vary, suspend, or terminate the buyback program at any time. The new buyback program will not operate during blackout periods, including those related to Spark's full-year and half-year results announcements. Spark's commitment to returning value to its shareholders underscores its dedication to enhancing shareholder returns and confidence in its financial position.