NZME launches $30m share buyback

(Image: supplied)

Tue, 16 Nov 2021

Media company NZME says it will buy up to $30 million of its own shares as a way to return capital to shareholders after selling GrabOne for $17.5m.Chief executive Michael Boggs said an on-market buyback was the “most effective method” to redistribute excess capital to shareholders.“NZME's balance sheet is in a strong position, with net debt having been reduced to zero, well below our target net debt range,” he said.Share buybacks are becoming a common method to pay out cash to shareholders in NZ, which has tradition...

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