- iCandy Interactive (ICI) will carry out an on-market share buy-back as the gaming stock believes its share price doesn’t accurately reflect its value
- The company added the current price doesn’t represent the growth prospects it has amid a rapidly expanding global gaming market
- ICI plans to buy-back up to 36 million of its own shares from September 30 onwards, with the company giving itself a year to complete the deal
- The exact timing of the deal and the number of shares iCandy intends to buy, are subject to market conditions and won’t require shareholder approval
- Shares in iCandy closed flat at 7.3 cents per share
iCandy Interactive (ICI) will carry out an on-market share buy-back as the gaming stock believes its current share price doesn’t accurately reflect its value.
In an announcement to the market on Friday, ICI said the current price of its securities didn’t represent the growth prospects it has amidst a rapidly expanding global gaming market.
As a result, the mobile games and digital entertainment business will carry out a share buy-back at the end of the month.
ICI plans to buy-back up to 36 million of its own shares and has given itself a year to complete the deal.
The exact timing and actual number of shares set to be purchased will be subject to market conditions and won’t require any shareholder approval.
In a statement iCandy said it does not believe the share buy-back will impact its current activities for the next 12 months.
The gaming stock already boasts more than 300 titles, including Garfield games, Astro Boy games and the Masketeers: Idle has Fallen game.
Shares in iCandy closed flat at 7.3 cents per share.