ADF Group Inc. SV (TSE:DRX) has released an update.
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ADF Group Inc. has announced the buyback of 2,766,287 shares from the Paschini family, key insiders and board members, at a price of $17.31 per share, amounting to $47.9 million, with the transaction aimed at creating shareholder value and being immediately accretive to earnings per share. The repurchase reflects an 8.5% discount to the recent closing price, and the company will fund this from its existing cash reserves. The Paschini family, post-transaction, will retain a significant control of the company, with a promise not to sell any additional shares for 120 days.
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