Paysafe to launch £100m share buyback programme
Paysafe Group has confirmed that it intends to begin an inaugural share buyback programme of up to £100 million (€119.2 million/$123.8 million).
In a statement announcing the move, Paysafe said it believes its current share price “significantly undervalues” the performance of the business to date, as well as its future prospects, and the initiative could boost this.
The maximum number of shares the firm will be able to purchase under the new programme will be 48,110,871 ordinary shares.
Subject to winning buyback approval resolution at Paysafe’s next Annual General Meeting, the programme will be undertaken using a phased approach and have a duration of 12 months.
Paysafe has secured an agreement with BMO Capital Markets Limited to carry out on-market purchases of its ordinary shares.
Joel Leonof, chief executive of Paysafe, said: “I am pleased to announce Paysafe's inaugural share buyback programme, which underlines our confidence in the business and its future prospects.
“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.”
Related article: Paysafe rejects allegations of illegal gambling