"NIC intends to buy back up to US$100 million of its shares under the on-market buy-back. Given that United Tractors PTDanusa Tambang Nusantara (DTN) has a current ownership interest in the Company of ~20.0%, and hence execution ofthe buyback will result in their ownership interest exceeding 20%, DTN will require FIRB approval ahead of the Companypurchasing any of its shares. Therefore, the Company will only commence purchasing its shares once FIRB approval hasbeen received by DTN."
Even at about $0.65 per share, $100 million does not make a big dent in the number of NIC shares on issue. What it does do, starting at the end of this month providing United Tractors gets the regulatory nod, is put a floor on the share price for a year. Hopefully a rising floor.
I think that's a good thing.
"NIC intends to buy back up to US$100 million of its shares...
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Last
80.0¢ |
Change
-0.015(1.84%) |
Mkt cap ! $3.428B | |||
| Open | High | Low | Value | Volume |
| 82.0¢ | 82.0¢ | 80.0¢ | $3.540M | 4.399M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 13 | 159930 | 80.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 80.5¢ | 104000 | 3 |
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| Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
| NIC (ASX) Chart |