Reglikedomain industry desk

Machines begins share buybacks — Minds +

Firm bought its own shares on Friday.

On Friday, Minds + Machines made the first purchase under its share buyback program. The firm plans to acquire up to £15 million worth of shares over the next 12 months.

The first purchase was just £21,875 for 250,000 ordinary shares.

Firms do share buybacks as a way to return capital to shareholders. Generally speaking, the firm will cancel the shares it bought back, thus boosting earnings per share and other metrics for the remaining shares. Effectively, each share outstanding represents a greater portion of the firm following shares are bought back and canceled.

In Minds + Machines case, the shares will be held in treasury instead of being canceled. This gives the firm more flexibility; It can cancel the shares at a later date or reassign/sell them depending on its needs.

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