Buyback programme
An announced corporate decision to repurchase own shares, stating a maximum volume and a period.
How to read the number
It is a declared intention rather than a transaction: the market reacts to the announcement, while the share count moves only as purchases are actually made.
When the metric lies
Announced ceilings are often not used in full and deadlines are extended. Check the disclosed reports of shares actually acquired, not the headline.
Also known as: buyback programme