Firm reveals buy back

 NEW Guinea Energy Ltd (NGE) announced last Friday its intention to undertake an on-market share buy-back of up to 10 per cent of the company’s issued capital, which at the date equated to 85 million ordinary shares. 

The buy-back would commence on or after August 3 this year and would be open for up to 12 months.

The board stated its commitment to actively managing the company’s capital and believed that the buy-back provided opportunity to repurchase shares at attractive valuations.

The company stated in an announcement that it reserved the right to suspend or terminate buy-back at any time and there was no guarantee that NGE would repurchase the shares referred to above.