IG Group cancels 24.5 million shares following Underdog deal

IG Group cancels 24.5 million treasury shares after Underdog deal halts buyback

IG Group Holdings cancelled 24,522,153 ordinary shares from its treasury account on 5 November 2026, reducing its issued share capital to 337,035,715 shares. The cancellation closes out a buyback programme that was cut short when the company announced its proposed acquisition of US prediction markets operator Underdog in July.

IG had launched a £125 million repurchase programme in March 2026, split into two equal tranches of up to £62.5 million each, with Morgan Stanley appointed to execute purchases. The programme was halted after the Underdog deal was announced. By 3 August, IG had bought back 1,994,774 shares for approximately £32.9 million. Those shares, held in treasury, have now been cancelled rather than reissued.

The cancellation leaves IG holding no treasury shares. The company's full 337,035,715 shares now carry voting rights, and IG has asked shareholders to use that figure as the denominator for disclosure calculations under FCA transparency rules.

CEO Breon Corcoran purchased 70,000 shares in two transactions in October for approximately £661,913. CFO Clifford Abrahams added 10,000 shares at £9.44 each. Both bought on the London Stock Exchange following a 27 percent fall in IG's share price after the company cut its revenue growth outlook for 2026.

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Zaid Al-Rashidi

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