At the current share price, they’d be buying 125m shares or just over 4% of share capital.
To fund the buyback, leverage would increase and their interest bill would likely increase by about A$40m @ 8% interest or USD 28m. This would be about USD 20m after adding back DTA.
This would work out to be capital accretive assuming the profit after tax in last FY of about $1,080m is around the same mark.
Profit would be about 2% lower but share capital 4% lower.
Even up to $5 per share, the buyback is still likely to be capital accretive but the benefit to shareholders would be more marginal.
Ann: Announcement of buy-back - Appendix 3C, page-164
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Last
$21.76 |
Change
0.350(1.63%) |
Mkt cap ! $66.99B | |||
| Open | High | Low | Value | Volume |
| $21.49 | $21.76 | $21.32 | $97.85M | 4.532M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 1380 | $21.75 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $21.77 | 28571 | 3 |
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| Last trade - 16.10pm 01/07/2024 (20 minute delay) ? |
| FMG (ASX) Chart |