Amadeus to launch $8m share buy-back

Perth-based oil and gas company Amadeus Energy Ltd plans to spend over $8 million in a share buy-back scheme aimed at increasing its share price.

The company announcement today that it intends to buy-back up to 10 per cent of the issued capital, or 18.14 million shares, over the next 12 months starting at the end of this month.

Amadeus said it will fund the buy-back from cash flow from its operations.

"The Board does not consider the buy‐back will materially adversely impact the financing of current exploration activities nor preclude Amadeus from taking advantage of acquisition opportunities in the USA, should they arise," Amadeus said.

Based on the company's current share price of 46 cents, the buy back is estimated to cost about $8.34 million.

Shaw Stockbroking Ltd will act on Amadeus' behalf in relation to the buy-back.