Minds + Machines Group Limited (LON:MMX) has unveiled a share buyback programme as part of what it said is a broader strategy to deliver shareholder value.
The internet domain specialist said it has approved the buyback programme up to a maximum value of £2.3mln with the price paid per share to be no more than 105% of the average middle market closing price of an ordinary share for the five business days preceding the date of purchase. The buyback will commence on Wednesday and will continue until December 31, 2020, unless completed earlier.
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Minds + Machines said the buyback has been introduced “in light of the cash generative nature of the business” and its available cash and confidence in respect of future cash flows.
In a corporate update, the company said Tony Farrow has assumed the role of interim chief executive and has worked with interim chief financial officer Bryan Disher to review the company's billings, cash flows and overall financial position as well as the day to day operations of the group.
The firm also reconfirmed its statements from September 30, that it is profitable and cash generative, adding that it is continuing to see “strong renewal billings” with operating cash flow for 2020 expected to exceed US$4mln, resulting in available cash at the end of the year of over US$8mln.