McMillan Shakespeare Limited (ASX:MMS) announces a share repurchase program. Under the program, the company will repurchase up to 7,738,110 shares, representing 10% of its issued share capital. The purpose of the share repurchases is achieving a balance between returning capital to shareholders, retaining flexibility to invest capital for growth, and maintaining an appropriate balance sheet.

The repurchases will be funded from existing cash reserves. The shares repurchased will be cancelled. The plan will be valid till October 21, 2022.

As of August 29, 2022, the company had 77,381,107 shares issued. If the offer is oversubscribed, the company will prorate the number of shares accepted for payment. The company has fixed September 6, 2022 as Buy Back record date.