The Tel Aviv Stock Exchange (TASE) Board of Directors approved the first buyback plan, in an amount of up to NIS 36 million over a period of six months

Rhea-AI Summary

The Tel Aviv Stock Exchange (TASE) has initiated its first stock buyback plan, approving up to NIS 36 million to be executed within six months, starting from May 26, 2022. This move aligns with TASE's broader strategy of implementing a total buyback plan of up to NIS 100 million over two years. The buyback is expected to enhance shareholder value and reflects confidence in the company’s financial health.

Positive

• Initiation of a buyback plan worth NIS 36 million, signaling strong confidence in TASE's financial position.
• Part of a larger proposed buyback strategy totaling up to NIS 100 million over two years, indicating commitment to shareholder value.

Negative

• None.

TEL AVIV, Israel , May 26, 2022 /PRNewswire/ -- On May 24th, 2022, The Tel Aviv Stock Exchange Ltd (TASE: TASE) Board of Directors approved the first buyback plan, in an amount of up to NIS 36 million over a period of circa. six months, as of May 26th, 2022 and until the earlier of November 30th, 2022 or one day prior to the date of approval of the financial statements for the third quarter of 2022.

This is in line with TASE previously declared intention to formulate a buyback plan of up to NIS 100 million to be executed over a period of up to two years,

Please find the link to the English fully announcement regarding the buyback plan, that was published this morning in the Maya site: https://maya.tase.co.il/en/reports/details/1452150 

Contact:
Orna Goren
Head of Communication and Public Relations Unit
Tel: +972 76 8160405
tase.ir@tase.co.il

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SOURCE The Tel Aviv Stock Exchange Ltd.

FAQ

What is the purpose of TASE's share buyback plan?

The buyback plan aims to enhance shareholder value and demonstrates confidence in TASE's financial health.

How much is TASE allocating for its first buyback plan?

TASE has approved a buyback plan for up to NIS 36 million.

When is the TASE buyback plan set to begin?

The buyback plan is set to commence on May 26, 2022.

What is the duration of TASE's first buyback plan?

The first buyback plan will be executed over a period of approximately six months.

How does the current buyback plan fit into TASE's overall strategy?

This buyback is part of a broader strategy to implement a total buyback plan of up to NIS 100 million over two years.