Tribune Resources(ASX: TBR) has announced that it will undertake an on-market buy-back of up to a maximum of 4,900,000 ordinary fully paid shares.
The Board considers that the Company’s current share price does not accurately reflect the underlying value within the Company’s assets and the Share Buy-Back represents an opportunity to add value to the remaining shares on issue.
The Company intends to commence the Share Buy-Back on 21 February 2020 for up to a 12 month period on the terms specified in the attached Appendix 3C. Based on the Company’s closing share price of $4.85 on 4 February 2020, this would equate to a return of approximately $23.76 million.
The timing and actual number of shares to be purchased will be subject to market conditions. The Board considers that the Share Buy-Back will not impact the Company’s current activities for the next 12 Months. The Company proposes to instruct its broker, (Mainbreak Securities Pty Ltd (CAR 280043) of RM Capital Pty Ltd (AFSL 221938)) to take a position in the market only where the position maximises the benefit of the Share Buy-Back to the Company.
The Company advises shareholders that there can be no certainty that the Company will acquire (or seek to acquire) any or all shares under the Share Buy-Back.