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Micro Focus

Software giant Micro Focus launches US$200mln share buyback programme

Between now and 23 October, Micro Focus will buy back up to US$200mln worth of shares from investors

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Bosses have hinted they could buy back more shares as well

Software giant Micro Focus International PLC (LON:MCRO) is to buy back US$200mln worth of shares over the next few months, and hinted it would look at purchasing even more.

The FTSE 100 group, which sells software to banks and retailers that use legacy IT systems, said it would start buying shares today (Wednesday 17 July) and continue to do so until 23 October.

READ: Micro Focus bosses trousers almost £12mln from share sale

Bosses described the US$200mln buyback as “an initial tranche”, and said they could look at extending the programme.

The share price has taken a battering so far this month, down by almost a quarter after its half-year results were met with a few groans in the City.

Shortly after, it came out that executive chairman Kevin Loosemore had sold a chunk of shares worth almost £12mln.

Shares were down 1.3% to 1,662p in early deals on Wednesday.

Quick facts: Micro Focus

Price: £15.69

Market: LSE
Market Cap: £5.33 billion
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