ITG To Significantly Increase Share Repurchase Levels - Quick Facts

(RTTNews) - Investment Technology Group Inc. (ITG) announced its Board has approved a plan to significantly increase the company's share repurchase levels and to form a board-level committee to continue reviewing overall capital allocation framework. The committee will make recommendations to the full Board of further capital optimization strategies.

The company said it intends to allocate an additional $15 million above free cash flow for share repurchases during fiscal 2015. The company will target share repurchases to free cash flow, whereas previously, ITG had targeted its share repurchase levels to net income, which includes various non-cash charges.

ITG confirmed that it has received notice from Philadelphia Financial Management of San Francisco, LLC and Voce Capital Management LLC announcing their intent to nominate three candidates to stand for election to the ITG Board at the 2015 Annual Meeting of Stockholders. The company's Board will present its recommendation regarding director nominees in definitive proxy statement and other materials, to be filed with the SEC.