Rightmove made the announcement during its first day of trading on the London stock market since the festive break.
The repurchase program runs until February 27.
The definition of a repurchase program is that the company buys shares directly from the market or offers its shareholders an option of selling back at a fixed price. The effect is to reduce the number of outstanding shares, which increases both the demand for the remaining shares and therefore can inflate the price.
The company then either ‘retires’ the repurchased shares, or can in some circumstances re-issue them for sale.
Here’s the announcement the portal company made to investors:
Rightmove announces that it has commenced an irrevocable, non-discretionary program to purchase shares on its own behalf, for cancellation, during its closed period.
The program commences from the start of business on 2 January 2020 until the close of business on 27 February 2020.
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