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Sunland Group Limited (ASX: SDG) is an Australian based real estate company involved in residential property construction and development.

On 17 December 2018, Sunland Group Limited had announced its business plan of on-market buyback of shares. The maximum number of shares to be bought back from the market was approximately 15,212,070. Mr. Soheil Abedian and Mr. Sahba Abedian who are directors of Sunland group Limited had an interest in 58,500,000 shares or approximately 38.5% of Sunland Group Limited shares on issue as at the date of this notice.

The directors have advised that they will not participate in the buyback. The group considers its current and future accumulated cash reserves and working capital resources will be enough to fund the buyback without materially impacting Sunland group Limited’s ability to pay dividends or its future operational requirements. Moelis Australia Securities Pty Limited is the broker who will act on the company’s behalf. The buyback of shares started from 3 January 2018 and would continue for one year unless terminated earlier by the company.

On 7 January 2019, Sunland Group announced its daily share buyback update for the previous day. Below are the details:

  • 128,944 shares were repurchased on 4 January 2019 making it a total of 155,038 shares brought back till date.
  • The total consideration paid for the buyback on 4 January 2019 was $178,433, and the total sum paid till date was $214,182.
  • The company paid the highest price of $1.37 for the buyback on 3 January 2019.
  • The remaining number of shares to be bought back from the market is 15,057,032 and company will not exceed from it till further notice.

On 12 December 2018, Sunland Group closed its previous buyback scheme. It reported total of 1,717,759 shares being brought back. The total consideration paid amounted to $3,075,744.13. The company paid the highest price of $1.8150 on 20 June 2018 and lowest price of $1.7400 on 9 January 2018.

Financial Performance: In the recently released annual financial results, the company posted a Net profit after tax of $31.3 million (less than last year’s $35.3 million). Surplus cash generated by project settlements reduced the Group’s debt by $40.7 million since June 2017. Net Assets have increased by 2.09% to $371.442 million in FY18 over the $363.839 million in the corresponding period in 2017. The company had cash and cash equivalent of $10.604 million (less than last year’s $14.62 million) and $156 million in undrawn working capital lines.

Stock performance: On January 4, 2019, Sunland Group Limited ended the session on the positive note with share price settling at A$1.390, up by 1.46%. The market capitalization of the company stood at circa $208.41 Million. The shares are currently trading flat at A$1.390 (as at 1:06 PM, 7 January 2018). The company’s stock delivered return of -23.42% in last six months and -11.18% in last three months.


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