Bathurst Resources: On-Market Share Buyback Update

  • Jan 04, 2019 AEDT
  • Team Kalkine
Bathurst Resources: On-Market Share Buyback Update

On 28th August, coal major Bathurst Resources Limited (ASX: BRL) announced an on-market share buyback scheme for 75 million shares (maximum), accounting to approximately 4.70% of its issued ordinary shares. This would provide a return of approximately AUD 11.25 million to shareholders. The timing and numbers of shares repurchased would depend on the share price and market conditions. The company believed that the buyback scheme would improve shareholder’s return and overall value of the company’s shares. 

As per the management, the company possesses a robust financial position with minimal debt on the balance sheet. It enjoys significant cash flows from domestic sales as well as exports. Steelmaking coal production holds a promising future for the company’s growth.

Bathurst Resources is ASX listed leading coal producer and exporter based in New Zealand. The company owns Canterbury Coal mine (100%), Takitimu mine (100%) and Stockton mine (65% owned via BT Mining). It also holds interest in Maramarua and Rotowaro mines (65% owned via BT Mining) and the Cascade and Escarpment mines (100%).

As per ASX announcement dated 4th January 2019, the company announced its daily share buyback update for the previous day:

  • 2,50,000 shares were repurchased yesterday amounting to a total of 1,20,70,759 till date
  • The total amount paid for yesterday’s buyback was $31,250, amounting to a total of $14,87,588,35 till yesterday
  • The highest price paid per share yesterday was 12.5 cents per share and the lowest price paid was also 12.5 cents
  • The highest price paid per share till yesterday was 13 cents and the lowest was 11 cents.
  • The company can further repurchase a maximum of 62,929,241 shares from the market

Up to 30 December 2018, the company bought back 15,70,759 shares from the market with the total consideration paid was $1425088.35 with the highest price of 12 cents paid till date.

Annual Financial performance: Bathurst Resources recently shared its annual financial results for 2017-18 with its shareholders. It reported an increase in EBITDA from $61 million in Q1 to $91 million in Q4, amounting to an annual figure of $93.7 million. Annual revenue stood at $237.1 million, representing an increase of $195.5 million as compared to the previous year. Operating cash flows increased to $54.6 million. The company recorded a net profit of $43.4 million, the highest figure since its inception. However, profit per share stood to 0.40 cents as against last year’s loss per share of 1.60 cents. Net operating cash inflow of $21.2 million, Net investing cash outflow of $$25.3 million and Net financing cash outflow of $4.7 million was reported.

Stock performance: Over the past year, BRL stock has witnessed a downward trend of 21.88% but in the last three months the company’s share price is up by 8.70%. The shares are trading flat today at a market price of 12.5 cents with a market capitalization of AUD 198.05 million.


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