News

Cardtronics board authorizes repurchase of additional $50M shares

November 22, 2019

The board of directors for Cardtronics PLC has authorized the company to repurchase up to $50 million of its Class A ordinary shares outstanding through Dec. 31, 2020, according to a company press release. 

Since March 2019, the board has cumulatively approved up to $100 million in share repurchases. Of that, $50 million has been completed, resulting in the repurchase of almost 4% of the company's outstanding shares. 

"This additional share repurchase authorization reflects our continued confidence in the business and our ability to generate strong free cash flows," CEO Edward West said in a statement. "As we continue to execute on our growth strategy and reduce debt, this authorization will provide flexibility to opportunistically return capital to shareholders as part of our disciplined approach to capital allocation."  

The timing and extent of repurchases will depend upon several factors, including market and business conditions, valuation of shares, regulatory requirements and other corporate considerations, and repurchases may be suspended or discontinued at any time, the company said.