South32 Extends On-Market-Buy-Back Deadline To 5th September 2019

South32 Extends On-Market-Buy-Back Deadline To 5th September 2019

South32 Limited (ASX: S32) a diversified mining and metals producer announced on 28th March 2019 about the changes related to the buy-back of its shares. The buy-back last date has been extended from the previously declared last date of 10th April 2019 to 5th September 2019.

Further, the on-market-buy-back proposed by the company noticed no change in the broker, who will act on the company’s behalf. As per the details announced in Appendix 3C , if the company or the associated trust intends to buy back a maximum number of shares or units that number will be up to the number of shares for which the total buy-back consideration is either paid or payable up to US$ 760,025,866 and the company reserves the right to suspend or terminate the buy-back at any time. No changes have been made to the initial details in Appendix 3C about the total consideration paid or payable.  [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

As per the Appendix 3C, if the company or the associated trust intends to buy-back a maximum number of shares or units, the remaining number to be bought back shall be up to the number of shares with an aggregate buy-back consideration of US$102,111,220. Appendix 3E (27th March 2019) made it clear that, now, the remaining number to be bought back shall be up to the number of shares with an aggregate buy-back consideration of US$91,485,027.

As per the Appendix 3C, if the company or the associated trust intends to buy-back shares or unit within a period of time – that period of time by the company was intended from 11th April 2017 to 10th April 2019 or earlier if US$760,025,866 worth of shares are bought back prior to that date. As per the proposed change in the buy-back, now, the company intends to buy-back shares up to 5th September 2019 or earlier of US$760,025,866 worth of shares are bought back prior to the revised date of the buy-back.

The condition as mentioned above is to be applicable only if the company does not decide to buy back shares for an unlimited duration.

The company mentioned that the reason for a change in Appendix 3C was to extend the date of the On-market-buy-back program.

South32 presented no such material information that might hamper the shareholder’s or unitholder’s decision.

As per the latest Appendix 3E (28th March 2019), the remaining number to be bought back shall be up to the number of shares with an aggregate buy-back consideration of US$90,158,662. The consideration declined as the company bought back 508,288 shares with the total consideration paid or payable of $1,867,857. The highest price paid by the company on 27th March 2019 for the on-market buyback was A$3.700 and the lowest price paid by the company on the same day was A$3.640; whereas, the highest price allowed under the rule 7.33 is A$3.990

The shares of the company managed to close at A$3.740 (as on 28th March 2019, 05:03 PM), up by 1.63% as compared to its previous close with an average volume of 17,779,193.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

Checkout our Free Dividend Stocks Report

Specially made for income-hungry investors, Invest in growing Franked Dividends an opportunity that should not be missed.


6 Cannabis Stocks under Investor’s Limelight…

Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.

Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.

Click here for your FREE Report