29/04/16 Bauxite Resources Limited (BAU) is pleased to announce that the Board has resolved to approve a 5 cent (per share) capital return, subject to shareholders approval.
Following the successful conclusion of the sale of BRL’s interest in the BAJV to its Chinese joint venture partner Yankuang, BRL holds surplus cash to its expected future funding requirements, and the return of capital will, if approved by shareholders, be made prior to the end of the financial year.
The current cash reserves of the Company are in excess of $27.3m, and the proposed capital return of 5 cents per share will result in approximately $10.7m being returned to shareholders, leaving the Company with $16.6m cash retained, no debt and other substantial assets.
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Have alluded about this scenario coming to fruition during this past week....... well done BAU.
