Company planning to buy back up to 5% of issued share capital over next 12 months
BORAL Ltd have announced their intention to commence an on-market share buy-back programme for up to 5% of the company’s issued capital or approximately 39 million ordinary shares over the next 12 months.
The move follows the company’s successful completion of a number of transactions over the last 12 months which have reduced the Group’s net debt, positioning the company with a sound balance sheet and cash position to conduct the buy-back.
Boral’s chief executive officer and managing director, Mike Kane (pictured), said the buy-back reflected Boral’s commitment to efficient capital management and delivering improved returns to shareholders.
He added: ‘At the same time, we are maintaining flexibility to respond to changes in market conditions and to take advantage of appropriate growth opportunities that may present in the future.’
Based on the company’s closing share price of A$6.02 on 17 March 2015, five percent of Boral’s issued share capital or around 39 million ordinary shares would represent a buy-back programme of approximately A$236 million.