15 MAY 2013Yahoo Finance
Bauxite Resources Limited announces Buy-back
Edited by : AL CIRCLE
1 min read
Perth based bauxite explorer and developer, Bauxite Resources Ltd advises that it is implementing an on-market share buyback for up to 10% of its issued capital over the period of 12 months. Based on BRL's closing share price on 10 May 2013 ($0.12) this would equate to a maximum of $2.8 million.
The Board is committed to active capital management, with a focus on ensuring optimisation of value for shareholders. The Board considers that BRL' s current share price does not accurately reflect the strong underlying cash position and value within the company's assets and the share buyback represents an opportunity to add value to the remaining shares on issue.
The buyback period is scheduled to commence on 28 May 2013 (14 days from the date of this announcement). The buy-back does not require shareholder approval.
The timing and actual number of shares to be purchased will depend on market conditions and other future events. A broker will be appointed to manage the buy-back on behalf of the Company. The Board considers that this buyback will not impact the currently planned work programmes for 2013 and 2014.
The Board is committed to active capital management, with a focus on ensuring optimisation of value for shareholders. The Board considers that BRL' s current share price does not accurately reflect the strong underlying cash position and value within the company's assets and the share buyback represents an opportunity to add value to the remaining shares on issue.
The buyback period is scheduled to commence on 28 May 2013 (14 days from the date of this announcement). The buy-back does not require shareholder approval.
The timing and actual number of shares to be purchased will depend on market conditions and other future events. A broker will be appointed to manage the buy-back on behalf of the Company. The Board considers that this buyback will not impact the currently planned work programmes for 2013 and 2014.
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