Online classifieds company Carsales.com Ltd (ASX:CRZ) has launched a $105.8 million on-market share buyback for up to 10 per cent of its issued capital.
The buyback is based on the company’s last closing price prior to the announcement of $4.60 per share and will be undertaken over the next 12 months, starting on 9 June, 2011.
Carsales says the program will offer flexibility to repurchase shares on an opportunistic basis, particularly in times of market or share volatility.
The timing and number of shares is expected to be dependent on market conditions and future acquisitions and divestments.
The buyback does not require shareholder approval.
In the six months to 31 December 2010, Carsales.com reported a net profit of $27.6 million.
