May 9 (Reuters) - Aspen Group Ltd (APZ) :
- Says Aspen Group will not be proceeding with the mhc proposal
- Says refers to its announcement updating the status of the unsolicited proposal from mill hill capital
- Says Aspen will now initiate its previously announced on-market buyback of up to 10% of its securities on issue
- Says provided distribution guidance for 2h FY 2016 of 4.6 cents per security
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