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.