Australia's Auctus Investment rises on share buyback plan, strong AUM growth

Pier 12 Capital

06/06/2022 04:11

** Shares of investment manager Auctus Investment Group
 AVC.AX  rise as much as 7.5% to A$1.010, their highest since
March 4
    ** Co says it will implement an on-market share buyback of
up to 6.14 mln shares, commencing no earlier than June 20
 urn:newsml:reuters.com:*:nASXpvjJS
    ** Co also intends to deliver A$0.05 per share capital
return to shareholders in early Q1 FY23
    ** Says AVC is undertaking above initiatives following a 40%
growth in its FY22 year-to-date assets under management to A$490
mln ($352.90 mln)
    ** Shares mark their biggest intraday pct gain since May 18
    ** Volumes 3.8 times the 30-day average of 27,827 shares
    ** As of last close, stock down 24.8% this year

($1 = 1.3885 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))