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Paysafe launches share buyback programme

20 December 2016 10:51

Paysafe launched a share buyback programme of up to £100m to stave off short-sellers, who posed risks to the payment service provider's business model.

The company reported the programme will reduce the firm's capital and repurchased shares will be cancelled.

It said the programme will be undertaken using a phased approach with a duration of 12 months, subject to the buyback approval resolution being approved at its next annual general meeting in respect of any purchases to be made after the date of that meeting.

Paysafe president Joel Leonoff said: "The programme, and our track record of significant cash conversion, enable us to capitalise on current market opportunities without compromising our pursuit of bold M&A with a strong strategic fit."

At 10:51am: (LON:PAYS) Paysafe Group Plc share price was +15.25p at 357.35p

Story provided by StockMarketWire.com

Related Company: PAYS

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