Cromwell continues share buy-back
Property group Cromwell is retaining its share buy-back as part of its capital management program in a bid to sustain its market value.
The group announced it would be extending its on-market buy-back of up to 10 per cent issued capital for a further 12 months, during which 63 million stapled securities will be bought back.
In a statement to the Australian Securities Exchange (ASX), Cromwell chief executive Paul Weightman said the group would buy back securities where it considers the market price of the securities did not accurately reflect the group’s “inherent value” and where it was “in the best interest of security holders given other potential uses of available resources”.
The buy-back period, which was to expire on January 25 this year, will continue until January 27, 2010. This period may end prior to this date if the maximum number of stapled securities is bought back or the group ends the buy-back earlier.
Cromwell said trading in stapled securities will continue normally on the ASX “before, during and after” the buy-back period and that any stapled securities it acquires under the on-market buy-back will be cancelled immediately.
Cromwell also announced the continued suspension of its Dividend/Distribution Reinvestment Plan (DRP) during the buy-back period, or until another time determined by the group.
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