21st Mar 2019 10:00
LONDON (Alliance News) - Advertising company Ocean Outdoor Ltd launched on Thursday a USD25.0 million share buyback programme which will see it purchase up to 5.0 million shares by the end of September.
Digital billboard advertising firm Ocean Outdoor was known as Ocelot Partners Ltd until it acquired advertising firm Ocean for GBP200 million in March 2017, subsequently changing its name.
On Tuesday, Ocean announced it would initiate a USD25.0 million buyback after its swung to a GBP6.9 million profit on revenue of GBP62.2 million.
Ocean has hired Barclays PLC to undertake the buyback, which should complete before the end of September.
"The sole purpose of these share purchases is to reduce the company's share capital," Ocean explained in a statement. "Any ordinary shares purchased by the company will be held in treasury."
Shares in Ocean Outdoor were untraded at USD7.55 on Thursday, giving it a market capitalisation of USD407 million.
Related Shares:
OOUT.L