MDS Financial share buy-back to cut costs
MDS Financial Group has engaged in a share buy-back from holders that have an unmarketable parcel in order to cut down on administrative and registry costs.
MDS Financial chairman Seth Rothsey notified the Australian Securities Exchange of the group’s intention to buy back all ordinary shares from holders that have a parcel of securities worth less than $500.
Based on its closing share price of $0.021 on June 18, an unmarketable parcel would be 23,810 shares or less, Rothsey stated. Those who held an unmarketable parcel of shares as at June 18 would be eligible to sell their full holding back to MDS Financial for $0.024 a share.
The closing date for the buyback is July 30, 2010, and those who do not wish to sell must complete a Notice of Retention. Rothsey stated that 294 shareholders currently have an unmarketable parcel.
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