Sydney - Monday - July 24: (RWE Aust Business News) - Amcor Ltd (ASX:AMC) has announced it will buy back up to 50 million shares as part of its capital and debt structure management. The number of shares to be repurchased will be equivalent to the number of shares issued in connection with the conversion of 1996 Perpetual Redeemable Income Debt Exchangeable for Stock (PRIDES). Based on recent market prices of Amcor ordinary shares and exchange rates, and assuming that all PRIDES are converted prior to November 19, Amcor said the PRIDES would convert into approximately 45 million shares. The buyback period is for one year from today, and JP Morgan Securities Australia Ltd is the broker acting on Amcor's behalf.
AMC Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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