The news: Shares in Perseus Mining rallied in afternoon trade after the gold miner increased its on-market share buyback to $150 million, following the success of its earlier buyback program.
Shares rose 8.2% to $5.28 at 12:32pm AEST.
The context: This follows the closure of a $100 million on-market share buy back on 12 June, with Perseus having purchased 19,077,751 shares at an average price of $5.24 per share.
The board subsequently approved an additional $50 million increase to the program, bringing the total buy back allocation to $150 million. The timing, volume and exact pricing of future purchases remain subject to market conditions.
What they said: “The decision to expand our on-market buy back to $150 million emphasises our clear focus on total shareholder return and capital allocation discipline,” CEO Craig Jones said.