IMAX to double share buy-back
September 8, 2022
By Chris Forrester
Giant screen specialist IMAX is to double its share repurchase scheme from the existing planned $200 million (€220m) to $400 million. The announcement was made to the New York Stock Exchange on September 7th.
IMAX has been steadily buying in its own shares for cancellation since 2017 and costing the cinema operator $175 million.
The new share repurchase commitment, worth an additional $225 million (and thus valuing the overall scheme to $400m), is timetabled through to June 2023.
IMAX stresses in its Stock Exchange notice that it has no obligation to repurchase shares, and the share-repurchase programme may be suspended or discontinued by the Company at any time. In addition, the $400 million authorisation does not include shares repurchased in connection with the administration of employee share-based compensation plans.