Announcement of Share Buy-Back and Appendix 3C
MYOB Chairman, Justin Milne:
"This buyback reflects the Board's commitment to efficient capital management whilst maintaining flexibility to pursue acquisitions in line with our growth strategy."
Based on the Company's closing share price of $3.37 on 23 August 2017, 5 per cent of MYOB's issued share capital would represent a buy-back program valued at approximately $102 million. The total number of shares purchased will depend on market conditions and will be evaluated against alternative opportunities throughout the buyback period.
The buyback will be funded from existing cash and the business will retain a strong balance sheet and regulatory capital position following the buyback.
To view the Appendix 3C in respect of the on-market share buyback, please visit:
About Myob Group Ltd
MYOB Group Ltd (ASX:MYO) is a leading provider of online business management solutions. It makes business life easier for approximately 1.2 million businesses and accountants across Australia and New Zealand by simplifying accounting, payroll, tax, practice management, CRM, job costing, inventory and more. MYOB operates across three core segments – Clients and Partners (business solutions to SMEs and Advisers); Enterprise Solutions (larger businesses) and Payment Solutions. It provides ongoing support through client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly through its Connected Practice Strategy and through the development of the MYOB Platform. For more information, follow @MYOB on Twitter or visit http://investors.myob.com.au/Investors
Myob Group Ltd