Surefire Resources Plans 15 Million-Share Buy-Back Worth About $345,000
Updated
Updated · Yahoo Finance · Aug 16
Surefire Resources Plans 15 Million-Share Buy-Back Worth About $345,000
1 articles · Updated · Yahoo Finance · Aug 16
Summary
Surefire Resources said it intends to buy back up to 15 million ordinary shares on market, equal to about 8.3% of shares outstanding.
The company estimated the full program would cost roughly $345,000 based on the previous closing price, framing the move as a capital-management step.
Executive chair Vladimir Nikolaenko said the board sees the stock trading below the underlying value of Surefire's assets and views the buy-back as a chance to repurchase shares at a discount.
The announcement came as the S&P/ASX Small Ordinaries fell 0.69% on Friday and slipped 0.76% over five trading days, underscoring a softer backdrop for small-cap stocks.
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