oOh!media (ASX:OML) announced an on-market buyback program for up to 10% of its issued share capital, signalling strong confidence in the company’s growth trajectory despite current market pricing.
CEO James Taylor characterised the move as an efficient use of capital, stating that the board views the group’s shares as "materially undervalued" given the robust fundamentals of the Out of Home advertising sector.
Scheduled to commence on or after March 12, the buyback will be funded through a combination of existing cash reserves and committed debt facilities.
The program is expected to run for up to 12 months, with the group maintaining a disciplined capital management framework and a target gearing level of less than $1.
At the time of reporting, oOh!media's share price was $0.98.