Cape Lambert gains on buy-back plan

Shares in Cape Lambert Resources gained 10 per cent on the ASX today, after the company announced a plan to buy back 10 per cent of its shares.

Cape Lambert said it had appointed Canaccord Genuity to act as broker for the on-market buy-back.

At close of trade today, Cape Lambert shares were up 10.4 per cent, at 26.5 cents.

“Cape Lambert retains significant cash and liquid assets and in recent months we have been presented with an reviewed a range of investment opportunities, however, the board has determined that at the current share price, it is more prudent to undertake an on-market buyback than look to make investments outside of the company,” executive chairman Tony Sage said in a statement.