04/07/2012 - 11:32

Finbar announces on-market buyback scheme

04/07/2012 - 11:32

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Finbar announces on-market buyback scheme

Apartments developer Finbar Group has launched an on-market share buyback scheme, to regain up to 20 million of its shares over the next 12 months.

Managing director Darren Pateman said the scheme would provide Finbar with the flexibility needed to take advantage of continued volatility in equity markets.

“We consider an on-market share buyback scheme to be an effective method of returning capital to shareholders where Finbar’s shares are trading at a significant discount to the intrinsic value of the company,” Mr Pateman said in a statement.

The scheme will not impact the company’s ongoing capital requirements or its capacity for new projects and development opportunities, Mr Pateman said.

The launch of the scheme follows yesterday’s announcement that Finbar would pay a fully frainked final dividend for the 2012 financial year of 5.5 cents per share.

The dividend takes total shareholder dividends to 9 cents per share for the year, an increase of 6 per cent over the previous financial year.

At 11:20AM, WST, Finbar stocks were up 2 per cent, at $1.06. 

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