Volatility forces HFA buy-back delay
The volatile market conditions and their impact on price has forced HFA Accelerator Plus Limited to defer the tranche 1 pricing date on its off-market buy-back offer until March 31, next year.
The company announced to the Australian Securities Exchange today that a total of 115,373,051 shares had been tendered to the buy-back offer, which closed yesterday, and that it was the intention that a total of 37,866,699 shares would be bought back in tranche 1, representing 20 per cent of the total shares currently on issue.
It said the tranche 1 buy-back price would be 95 per cent of the post tax NTA as at March 31, 2009, with payment expected to be made in early May next year.
The company said shareholders that had tendered into the buy-back offer would continue to have the ability to withdraw their tender at any time up until 5pm on the tranche 1 pricing date of March 31, next year.
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