News Corporation (ASX issuer code: NWS) has announced a buy-back program for its Nasdaq-listed Class A common stock and Class B common stock. The company may repurchase up to an aggregate of US$1 billion of its stocks, and as of the most recent notification, it has bought back approximately US$604,932,799.83 worth of Class A and Class B shares.
The total number of +securities on issue in the class of +securities to be bought back is 375,388,083, and the total number of +securities proposed to be bought back is up to an aggregate of US$1 billion. The company has bought back 20,250,154 +securities for a total consideration of US$402,371,098.53, with the highest price paid being US$30.01 and the lowest price paid being US$14.88.
The buy-back program is aimed at enhancing shareholder value and is being conducted in the open market or otherwise. The company has disclosed its intention to buy back a maximum number of +securities and has provided details about the remaining number of +securities to be bought back as of the end of the previous day.
The anticipated date for the buy-back to occur is 22/9/2021, and the company has appointed BofA Securities, Inc. as the broker who will offer to buy back +securities on its behalf.
As a result of these announcements, the company's shares have moved 0.8% on the market, and are now trading at a price of $29.29. Check out the company's full 8-K submission here.
