GDI Property Group to Launch On-Market Buyback of Up to 5% of Stapled Securities
MT Newswires Live
1 hour ago
GDI Property Group (ASX:GDI) is launching an on-market buyback of up to about 27 million securities, representing up to 5% of its stapled securities, according to a Monday filing with the Australian bourse.
The buyback program is set to start on Sept. 7 and run until Aug. 23, 2027.
The buyback is discretionary, and the company is not committing to any repurchases, it said.
GDI plans to fund the buyback from cash reserves and undrawn debt. The buyback of the full 5% of stapled securities may rely on further non-core asset sales, it said, adding that it has over AU$100 million of non-core assets.
The company's shares gained 2% in recent Monday trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.