HAP buys back shares
HFA Accelerator Plus (HAP) has announced its intention to make an off-market buy back of up to 40 per cent of the company’s ordinary share capital from its shareholders, as part of its capital management strategy.
Shareholders approved the buy back resolution at the company’s general meeting held yesterday (October 14, 2008).
HAP stated that the buy back offer was made in the best interests of shareholders and gives them the opportunity to get a return on their investment in the company at a value close to post-tax NTA (net tangible assets).
The company intends to buy back up to a maximum of 40 per cent of its issued capital, which is approximately 76 million shares. Participation in the buy back is voluntary and will be conducted off-market, that is, not on the ASX (Australian Securities Exchange).
Under the buy back tendering process, shares bought back by HAP will be cancelled, thereby reducing the number of shares the company has on issue.
According to HAP, the offer was made as part of its “active capital management program” and is in “the best interests of shareholders”.
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