Eros International announces $20M share repurchase program
Eros International provided the following statement from Group Chairman and CEO of Eros International Kishore Lulla: "We are very excited to announce that our Eros Now platform has risen to 18.8M paid subscribers and 154.7M registered users as of March 31, 2019, far exceeding our target for the full fiscal year 2019 of 16 million subscribers. This represents a 138% increase in paid subscribers over the past 12 months and an 18% increase over the prior quarter. [...] Additionally, I am pleased to inform shareholders that we now have a strong financial and operating position and our management team are making it a priority to work with CARE Ratings, the regulatory agency, to have our credit rating revised upwards in due course. I would also note that baseless allegations have been made against the company in the past and subsequent frivolous lawsuits have been dismissed with prejudice by the U.S. courts. Similar baseless allegations continue to be made by known short sellers without justification. We will continue to defend our interests rigorously at all times." Group Financial Officer and President of North America Prem Parameswaran added, "Eros has a strong liquidity profile and healthy balance sheet with no meaningful near-term debt maturities. As of March 31st, 2019, we had over $135M of cash and cash equivalents1 on our balance sheet and our net debt position was $145M. [...] The Eros Board of Directors believes the equity value of Eros International PLC is seriously undervalued in the public markets and accordingly, the Board has approved a share buyback program of up to $20M of outstanding common shares."