The Sage Group PLC (SGE.L) said on Monday that it is launching a share repurchase program to repurchase up to GBP 300 million. The share repurchase program will begin on March 2 and is expected to be completed no later than June 5.
The maximum number of shares which may be purchased by Sage under the program is 96.164 million.
The Group has entered into arrangements with Morgan Stanley & Co. International Plc and J.P. Morgan Securities PLC in relation to the repurchase. Morgan Stanley will conduct the first half of the share buyback and J.P. Morgan will conduct the latter half.
"The share buyback program is consistent with the Group's disciplined capital allocation policy, and reflects the Board's confidence in Sage's future prospects, together with Sage's strong cash generation and robust financial position," the company said.
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