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27/09/21
10:29
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Originally posted by Giz:
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So because of these actions we saw no dividend in 2021! What a crock. The 10% share buyback at $7.01 Average only really helped Seven Group Holdings position in Boral.Returning capital to shareholders Proceeds of $1.3 billion from the sale of Boral’s stake in USG Boral were used to reduce debt, and surplus capital was returned to shareholders through a 10% share buy-back, which completed in July 2021 for an average price of $7.01 per share. As such, given the return of capital already undertaken, no further buy-back has been announced and no dividend will be paid. Now we have 3.2 Billion? and no dates or timelines, just how many franking credits are held? Come on give us a break, either buy something or return capital................with timelines.However, when divestments of North American Building Products, Meridian Brick and Australian Timber are complete, we expect to have further proceeds of almost $3.2 billion, with significant surplus capital available to return to shareholders. The Board will determine the most appropriate way to return the surplus capital to shareholders after considering the availability of franking credits, the prevailing share price and what is in the best interests of shareholders as a whole.
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My guess there will be a return. Seven West have borrowed a whole lot of money to pay for this acquisition and need the money to pay for it at some point.