The National, Monday July 20th, 2015
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.