HOUSTON, March 26, 2019 (GLOBE NEWSWIRE) -- Cardtronics plc today announced that its Board of Directors has authorized the Company to repurchase up to $50 million of its Class A ordinary shares outstanding through August 31, 2020. Share repurchases under the authorization may be effected on behalf of the Company through open market transactions, privately negotiated transactions or otherwise, including pursuant to SEC trading rules. There is no guarantee as to the exact number of shares, if any, that may be repurchased by the Company. The timing and extent of repurchases will depend upon several factors, including market and business conditions, valuation of shares, regulatory requirements and other corporate considerations, and repurchases may be suspended or discontinued at any time.
“This new share repurchase authorization reflects our confidence in our business and ability to generate strong free cash flows. As we continue to execute on our growth strategy and reduce debt, this authorization will provide increased flexibility to opportunistically return excess capital to shareholders as part of our disciplined approach to capital allocation. We believe that there will be further longer-term capital return options available once the Company is operating within its target net leverage range of 2.0 – 2.5x Adjusted EBITDA, which we expect to achieve within the next twelve months,” commented Edward H. West, chief executive officer.
About Cardtronics (Nasdaq: CATM)
Cardtronics is the trusted leader in financial self-service, enabling cash transactions at approximately 227,000 ATMs across 10 countries in North America, Europe, Asia-Pacific, and Africa. Leveraging our unmatched scale, expertise and innovation, top-tier merchants and businesses of all sizes use our ATM solutions to drive growth, in-store traffic, and retail transactions. Financial services providers rely on Cardtronics to deliver superior service at their own ATMs, on Cardtronics ATMs where they place their brand, and through Cardtronics' Allpoint Network, the world’s largest surcharge-free ATM network. As champions of cash, Cardtronics converts digital currency into physical cash, driving payments choice for businesses and consumers alike.
