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Just Group's buyback of $65mn
08 Mar '07
2 min read
Just Group yesterday announced an off-market tender buy-back of approximately US $65 million to be completed in early May 2007. The ultimate size of the buy-back will be dependent on shareholder demand and market conditions at the time, subject to a maximum of 10 percent of Just Group's outstanding shares.
The Managing Director of Just Group, Mr Jason Murray, said that this is a further demonstration of Just Group's focus on maximising returns to shareholders.
“Since re-listing in May 2004, Just Group has delivered record profits and strong cashflows. Consistent with our aim to maximise returns to shareholders, and in view of the company's strong balance sheet, cash flows and franking account balance, we believe Just Group is now in a position to return surplus capital to shareholders. After evaluating a number of alternative options for making such returns, the Board of Just Group has decided that the most effective method is through an off-market buy-back,” Mr Murray said.
“In our short history since re-listing in 2004, and after including both the May 2007 interim dividend of 9.5 cents per share and the off-market buy-back of approximately $65 million, both announced today, Just Group will have returned over $150 million to shareholders by way of dividends and the share buy-back.
“The Board is confident that the buy-back is in the best interests of the company and its shareholders and that Just Group's balance sheet position will still enable the company to pursue growth opportunities while maintaining a dividend payout ratio of 60 to 65 percent of annual after tax profit.
Click to know more.
The Managing Director of Just Group, Mr Jason Murray, said that this is a further demonstration of Just Group's focus on maximising returns to shareholders.
“Since re-listing in May 2004, Just Group has delivered record profits and strong cashflows. Consistent with our aim to maximise returns to shareholders, and in view of the company's strong balance sheet, cash flows and franking account balance, we believe Just Group is now in a position to return surplus capital to shareholders. After evaluating a number of alternative options for making such returns, the Board of Just Group has decided that the most effective method is through an off-market buy-back,” Mr Murray said.
“In our short history since re-listing in 2004, and after including both the May 2007 interim dividend of 9.5 cents per share and the off-market buy-back of approximately $65 million, both announced today, Just Group will have returned over $150 million to shareholders by way of dividends and the share buy-back.
“The Board is confident that the buy-back is in the best interests of the company and its shareholders and that Just Group's balance sheet position will still enable the company to pursue growth opportunities while maintaining a dividend payout ratio of 60 to 65 percent of annual after tax profit.
Click to know more.
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