Buildmax plans R28.8m share repurchase deal
Buildmax (BDM) advised on Wednesday it has entered into an agreement to purchase 95 million of its own ordinary issued shares from Interactive Capital‚ 44.245 million shares from Westbrooke Investments and 53.255 million shares from Westbrooke Special Opportunities at 15 cents per share‚ amounting to R28.875 million.
The repurchase is subject to the necessary regulatory approval and the approval by shareholders at a general meeting on 16 October 2012‚ it added.
Buildmax will utilise its own cash resources for the repurchase. The shares purchased will be utilised for purposes of its Long Term Incentive Plan (LTIP) and the balance will be held as treasury shares.
Subsequent to the specific repurchase‚ Buildmax will have 192.5 million treasury shares‚ it added.
Source: I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
