You have 0 free articles left this month.

Lawyers Weekly - legal news for Australian lawyers

Powered by MOMENTUM MEDIA
lawyers weekly logo
Advertisement
Big Law

Ashurst irons out buyback scheme

Ashurst advised in relation to the off-market buyback of Ironbark Capital Limited shares.

May 05, 2015 By Stefanie Garber
Stephen Menzies
expand image

Firms: Ashurst (Ironbark Capital), Price Waterhouse Coopers (IBC)

Deal: IBC has announced that its shareholders have approved the buyback of its ordinary shares through an off-market tender process. 

Value: Dependant on level of tenders into buyback

Area: ECM – buyback

Key players: Ashurst partner Stephen Menzies spearheaded the project.

Deal significance: The buyback of shares was approved by IBC shareholders at the 2011 annual general meeting.

“The IBC Board believes the effect of the buyback will be to decrease the discount at which shares in IBC have traditionally traded to its NTA per share,” a statement from Ashurst said.

“The Board believes that the existence of the Proposal has assisted with closing the gap between IBC's NTA and share price.”

The IBC Board signalled its intention to offer IBC shareholders the option to have their shares bought back every three years.

Tags
You need to be a member to post comments. Become a member today
Got a tip for us?
If you have any news tips or stories to share, feel free to send them our way.
Momentum Media Logo
Most Innovative Company