SCEE latest in buy-back trend

Southern Cross Electrical Engineering is the latest WA based company to commence an on-market share buy-back, as the trend towards returning capital to the market continues.

Up to 10 per cent of the company’s 162 million shares will be purchased, with a value at the current share price of $6 million.

Euroz Securities has been appointed to act as the broker for the buy-back.

Southern Cross follows companies as varied as Panoramic Resources, Finbar Group, RCR Tomlinson and Decmil Group who are opting to return value.

Managing director Simon High said “The share buy-back forms part of SCEE’s capital management strategy and represents good value for shareholders while maintaining our capacity to pursue growth and acquisition opportunities in the current market”.

Southern Cross was up 5.6 per cent to 38 cents per share, slipping from around 65 cents in August.