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Ampol shareholders face a godsend after the company announced it would use higher than expected proceeds from a property sale to purchase $ 300 million in shares.
The fuel company announced Monday that it had raised $ 635 million from its August sale of a 49 percent stake in its real estate fund to Charter Hall and the GIC consortium.
The company expected to raise $ 612 million, but the cost to sell it turned out to be less than expected.
These savings and the improved trading conditions mean that management is offering shareholders the opportunity to participate in the buyback.
The off-market buyback begins on 7. December and will be completed in the first quarter of fiscal 2021.
Shares rose to their strongest level since March, up 4. 47 percent to $ 29. 70 at 1409 AEDT.
Ampol, Australia, Share Buyback, Refinery, Chief Executive, Oil Refinery, Caltex
World News – CA – Ampol investors offered a $ 300 million buyback. USD
Ref: https://www.thewest.com.au
