Eagers Automotive aims to carry out on-market share buy-back

Eagers Automotive Limited (ASX: APE) announced its intention to conduct an on-market share buy-back of up to 10% of its issued share capital, that is up to 25,693,310 ordinary shares. The reason behind the share buy-back program is the company’s positive market guidance and trading update, released on 18 May 2022, and the extreme stock market volatility in recent weeks. The buy-back reflects the Board’s prudent focus on active capital management and is also a testament to the company’s strong balance sheet.

The share buy-back will begin on 30 June 2022 and is expected to occur progressively over the period of 12 months from commencement, subject to market conditions and the company’s securities trading policy.

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