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 cloud based business management solutions provider. It makes business life easier for approximately 1.2 million businesses across Australia and New Zealand by simplifying accounting, payroll, tax, practice management, CRM, websites, job costing, inventory and more. MYOB provides ongoing support via many client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly in cloud computing solutions, and in 2015 was awarded the BRW award for the most innovative large company for 500+ employees and placed 2nd in BRW’s Most Innovative Companies Award list across all categories nationally. For more information, follow @MYOB on Twitter or visit http://investors.myob.com.au/Investors
Myob Group Ltd