IFG Group returns sale proceeds

IFG Group, the financial group offering administration services, yesterday announced it would give back €37.3m (£30m) to investors through a share buyback programme. The firm, which trades on the London Stock Exchange, is returning funds to shareholders after it sold its international division for £70m in July. The rest of the money is being used to pay down the firm’s debts. The company yesterday put forward a tender offer to shareholders at €1.65 a share, equivalent to a 17.9 per cent premium on its closing price last week, or a 13.9 per cent premium to the price on a three month average. The payments to investors will complete by December.