Pacific Current Group (ASX:PAC) Announces Proposed Share Buy-Back
Proposed Share Buy-Back
Pacific Current Group Limited (ASX: PAC) has announced plans for an off-market equal access share buy-back, targeting up to $300 million of surplus capital. This move is contingent upon shareholder approval during an upcoming Extraordinary General Meeting.
The Board intends to propose a buy-back price of $12 per PAC share, pending various factors such as market conditions and regulatory engagement. The Australian Securities Exchange (ASX) has indicated that the buy-back aligns with Listing Rule 10.1, taking into account the substantial ownership concentration, as the three largest shareholders hold approximately 45% of the company’s shares.
Next Steps in the Process
An independent expert’s report will accompany the notice to shareholders regarding the buy-back. The company plans to release this notice in late December 2024 or early January 2025, with the Extraordinary General Meeting scheduled for late January to early February 2025. If all proceeds smoothly, the buy-back offer period is expected to close in March 2025.
Executive Comments
Michael Clarke, Executive Director and Acting CEO, stated, “We believe this buy-back is an effective way to return surplus capital to our shareholders, reflecting our commitment to enhancing shareholder value.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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