Panoramic joins buy-back list

Nickel miner Panoramic Resources has joined the list of Western Australian companies returning cash to investors through share buy-backs.

Panoramic said its shares were trading at a level well below the value of the company’s assets, and the buy-back, which will commence on December 30, would help to consolidate the company’s capital base.

Azure Capital and PCF Capital Group will facilitate the buy-back.

Panoramic plans to buy back up to 5 per cent of its shares, or about 16 million shares ordinary shares.

At current market prices, that amounts to around $5.4 million, while as of the end of the September quarter, the company said it held no bank debt and $70 million in cash.

The miner joins property developer Finbar Group, engineering services firm RCR Tomlinson and industrial services provider Decmil Group, all of which have announced buy-backs this month.

Finbar announced it would buy-back up to 12 million shares, while RCR will buy-back up to 2 million shares.

Decmil said it would purchase up to 10 per cent of shares on issue.

Panoramic closed up 1.4 per cent at 36 cents per share, down from more than $1.04 in July.