Cromwell Announce Update on Share Buy-Back Event: What the Market Players Need to Know

  • Jan 18, 2019 AEDT
  • Team Kalkine
Cromwell Announce Update on Share Buy-Back Event: What the Market Players Need to Know
Cromwell Property Group (ASX: CMW) had come forward and made an announcement related to the extension with respect to the on-market buy-back with the help of the press release. The company happens to be real estate investor as well as manager which is having the operations across 3 continents. The company also possesses a global investor base and happens to be a part of S&P/ASX200.  According to the release dated January 18, 2019, the company had extended the on-market buy-back which is related to the company’s ongoing programme of capital management. As per the release issued, buy-back would be in force till January 17, 2020 and would be continuing till maximum stapled securities are purchased or till the company revokes buy-back earlier. The release also mentioned the reason for the extension of the buy-back. The company had decided to extend the buy-back period as it is crucial for the company to be flexible for the strategies related to the capital management so that the stapled securityholders’ value can be enhanced. The release stated the company would be buying maximum of 194,325,974 stapled securities during the course of the buy-back period. The company also stated that, if the present conditions related to the market sustain moving forward, there are expectations that it would not buy-back the stapled securities in the time span of the next twelve months. Moreover, the company also possesses the right related to the suspension or the conclusion of the buy-back.  Cromwell Property Group can exercise this right at the point of time. The company stated that it would be financing the buy-back largely with the help of the cash reserves. It can also utilize the proceeds from the sale of the assets for the financing purposes of the buy-back. The release also stated that trading with regards to the stapled securities would be continuing as usual on Australian Securities Exchange before, during as well as after buy-back. The stapled securities which would be acquired by the company, with respect to on-market buy-back, would be cancelled immediately. We would be looking at how Cromwell Property Group had performed from the past few months. The last traded price of Cromwell Property Group stood at A$1.005 per share. The market capitalization of Cromwell Property Group stood at ~$2.24 billion. Talking about the past performance, the stock delivered the return of -10.48% in the span of previous 6 months while, in the span of previous 3 months, Cromwell Property Group’s stock posted the return of -1.79%. Earlier, the company had made an announcement related to the retirement of the Cromwell Director. As per the release issued by Cromwell Property Group which contained information related to the retirement of Mr. Marc Wainer, the company stated that he was placed on the Board in the year 2010.

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