Katana Capital Limited announces an Equity Buyback for 4,461,858 shares, representing 10% of its issued share capital.
January 03, 2017 at 08:05 am
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Katana Capital Limited (ASX:KAT) announces a share repurchase program. Under the program, the company will repurchase up to 4,461,858 shares, representing 10% of the issued share capital. Such shares will be repurchased on the market. The shares will be repurchased from available cash resources. The company will exercise discretion in buying back its shares and expects to do so only when the share price is less than or equal to the last published net asset backing. The buyback program is not subject to shareholder approval. The program will be valid for 12 months until December 31, 2017, unless terminated earlier by the company. As of December 31, 2016, the company has 44,618,582 shares in issue.
Katana Capital Limited is an Australia-based investment company. The Company's investment objective is to achieve a pre-tax and pre-expense return, which outperforms the ASX All Ordinaries Index; and the preservation of capital invested. The Company is engaged in investing in equity securities, debt instruments, and related derivatives. The Company invests in listed securities; rights to subscribe for or convert to listed securities (whether such rights are tradable on a securities exchange); any securities, which the Fund Manager reasonably expects will be quoted on the Australian Stock Exchange (ASX) within a 24-month period from the date of investment; listed securities for the purpose of short selling; warrants or options to purchase any investment and warrants or options to sell any investment; discount or purchase of bills of exchange, promissory notes or other negotiable instruments accepted, drawn or endorsed. The Companyâs funds are managed by Katana Asset Management Ltd.