TP ICAP Group Plc (TCAP.L), a capital market company, said on Wednesday that it will start a third share buyback program of 30 million pounds at 25 pence share after the completion of its second share repurchase.
This aims to reduce the capital of the company and to meet obligations under employee share schemes.
"The third buyback highlights the Board's continued confidence in the future prospects of TP ICAP, reflects its strong financial position, and is consistent with its dynamic capital management strategy, which is a key priority," the company said.
In addition to the repurchase, the company said it is launching a new three-year program to release at least 50 million pounds of surplus cash through more legal entity consolidations, and generate 50 million pounds of annualized cost savings through more operational efficiency initiatives.
The Group will pay an interim dividend of 4.8 pence per share on November 8, with a record date of October 4.
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