Australia's ReadCloud climbs on buyback plan

ReadCloud

16/03/2022 02:06

** Shares of e-learning software maker ReadCloud Ltd
 RCL.AX  rise as much as 4.3% to A$0.24 - set for best session
since Feb. 7 if gains hold
    ** Co says it intends to conduct on-market share buyback of
up to 11.8 mln ordinary shares; co has 118.3 mln shares
outstanding  urn:newsml:reuters.com:*:nASX2VBlZj 
    ** Says directors and management believe the historical
share price "does not reflect the long-term outlook for the
group"
    ** Buyback to be conducted over a period of 12 months,
starting April 1 
    ** Stock hits highest level since Feb. 23; down 11.5% this
year, as of last close

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))