Monex updates on acquisition of own shares

Maria Nikolova

The Japanese online trading company says it has completed the acquisition agreed by the board of directors last week.

Online trading services provider Monex Group, Inc. (TYO:8698) has earlier today published an update on its efforts to acquire its own shares. The broker says that it has acquired its shares from the market and has also completed the acquisition agreed by the board of directors on August 21, 2018.

During the period from August 22 to August 24, 2018, the broker acquired 3,726,900 common shares for the sum of JPY 1,999,950,800.

This is in line with the target set last week, when the company announced it would acquire its shares in line with “Revision of Shareholder Distribution Policy” made public on April 26, 2018.

Monex aims to provide returns to its shareholders based on the business performance, while securing investment capacity for growth, and targets at a 75% total return ratio on a multi-year basis. The company has decided to acquire its own shares in accordance with the policy that the capital distribution is to be made by dividend payments and/or share buybacks in a timely manner determined at management’s discretion.

The brokerage said last week that the shares to be acquired are common stock of Monex Group, and the total number of the shares to be acquired is 5 million, which account for 1.86% of the total number of shares outstanding (excluding treasury shares). The aggregate amount of the acquisition cost is up to JPY 2 billion, with the period of acquisition being from August 22, 2018 to August 31, 2018, Monex said back then.

The “Revision of Shareholder Distribution Policy” announced in April this year, was implemented as troubled cryptocurrency exchange Coincheck, Inc. became a wholly owned subsidiary of Monex Group. On April 16, 2018, Monex confirmed the completion of the acquisition of 100% of the shares of Coincheck, which was hit by a virtual currency theft in January 2018. The deal, which covers 1,775,267 shares in Coincheck, is valued at JPY 3.6 billion.

Read this next

Retail FX

Eurotrader taps MahiMarkets’ cross-asset trading technology for pricing and risk management

Eurotrader has tapped MahiMarkets’ cross-asset trading technology to manage its pricing and risk management on its fully licensed and regulated retail brokerage operation covering forex, stocks, indices, and commodities. 

Technology

STT doubles user base as Sterling OMS adopted by TradeZero, Avenue, Banco C6

Sterling Trading Tech (STT) has announced record growth of its order management system (OMS) offering, doubling its user base throughout the second half of 2022.

Retail FX

CMC Invest announces flexible stocks and shares ISAs amid changes in UK policy

In addition to a flexible ISA, the Plus plan provides members with a USD currency wallet for their general investment account (GIA), alongside the default GBP wallet that comes with all CMC Invest accounts. This means users will hold both a GBP wallet and a USD wallet. Saving customers money on FX fees.

Executive Moves

The Trading Pit snatches Skilling Daniela Egli from Skilling to lead Cyprus operation

“We feel privileged to have Daniela join The Trading Pit and bring her extensive expertise to our prop trading firm. We are confident in The Trading Pit’s ambition to provide the ultimate global trading environment for talented traders to enhance their skills and eventually become professional fund managers.”

Industry News

Worldpay taps SheerID to allow merchants to better target their audiences

SheerID verifies over 2.5 billion people via 20,000 authoritative data sources; provides global insights from hundreds of the world’s leading brands, and never shares or sells customer data.

Crypto Insider

Cardano (ADA) Price For 2022-23: Buy Cardano With NAGAX

Cardano (ADA) is probably one of the most renowned and well-known cryptocurrencies out there at the moment and is currently available on the majority of the crypto exchanges and platforms in the market.

Retail FX

ACY Securities recognized by Salvation Army NSW for its support to charity work

““Sitting in the backyard of those family friends, to see the devastation the floods had brought, was a real eye-opener, and a testimony to the Salvos who were on the ground helping every one of those in need during the recent NSW floods.”

Executive Moves

BNP Paribas announces senior executives of Global Markets Americas division

French bank BNP Paribas has appointed several senior executives to its Global Markets Americas division, demonstrating its ambition to grow its Global Equities, Global Credit, and Global Macro franchises in the region. 

Technology

Match-Trade expands partnership with Takeprofit Tech

California-based FX technology provider Match-Trade Technologies has expanded its partnership with fintech software developer Takeprofit Tech.

<