XL Group $1 Billion Share Buyback Program
XL Group plc approved a new share buyback program, authorizing the Company to buy back up to $1 billion of its ordinary shares. The previous share buyback program, which had approximately $204.1 million remaining, was canceled.
The Company said they expect the “purchases to be made from time to time in the open market or in privately negotiated transactions, and that such purchases are expected to be funded from cash on hand. The timing, form and amount of the share buybacks under the program will depend on a variety of factors, including market conditions, legal requirements and other factors.
“The buyback program may be modified, extended or terminated by the Board at any time. All share buybacks will be carried out by way of redemption in accordance with Irish law and the Company’s constitutional documents. All shares so redeemed will be canceled upon redemption.
“In addition, the Company announced today that the Board declared a quarterly dividend on May 12, 2016 of $0.20 per ordinary share payable on the Company’s ordinary shares. The dividend will be payable on June 30, 2016 to ordinary shareholders of record as of June 15, 2016.
“The Company also announced today that the board of directors of its wholly-owned subsidiary, XLIT Ltd., resolved on May 12, 2016 to pay a dividend of $9.4870 per share on XLIT Ltd.’s Series D Preference Ordinary Shares, which dividend will be paid on July 15, 2016 to all shareholders of record as of July 1, 2016.”
Too late my wife has already lost her job, thanks for nothing.