Metcash Limited (ASX: MTS) announced the successful completion of Off-Market buy back worth $150 million on 13 August 2018.
Australia’s leading wholesaler and distributor, Metcash Limited bought back 66.4 million ordinary shares at a discount of 14% to share price $2.26 per share. At an offer price of 14% discount, buyback was oversubscribed backed by the strong shareholders support resulting to which the company had to reject 72.32% shares of total 234.2 million shares tendered at discounted rates.
This oversubscription mainly accounts to franking credits benefits as buy back price of $2.26 per share includes the dividend component of $1.65 which are fully franked.
As per the announcement all the shares bought back are subject for cancellation by the company.
Settlement for buy back proceeds is scheduled for completion by 20 August 2018.
MTS share price continued to rise by 0.735% to $2.740 with the $150 million off-market buy back announcement on 13 August 2018.
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