Company now plans to spend up to £34 on shares.
CentralNic (AIM: CNIC) plans to return a lot more capital to shareholders via share buybacks than previously planned.
About six weeks ago, the company announced its second-ever buyback program totaling £4 million. Just a little over a month later, the company now says it will spend up to £34 million buying shares on the open market. That is equal to about 10% of the company’s current market capitalization.
CentralNic is a rollup of domain name and online advertising companies. Until recently, it reinvested all of its cash flow into new acquisitions. But the company is shifting strategies and returning more capital to shareholders.
You can learn more about the company and its updated strategy in DNW Podcast #422 with CentralNic CEO Michael Riedl.
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