Tuesday, 16 July 2019 04:42 GMT

Oncard International to initiate share buyback with surplus funds

(MENAFN - ProactiveInvestors)

OnCard International (ASX:ONC) should trade firmer after advising that it will use surplus funds from a recent asset sale to undertake an off market share buy-back under an equal access scheme.

This action would replace the previously announced intention to return the surplus funds by way of a reduction of share capital.

Under the proposed buy-back which is subject to shareholder approval Oncard will offer to buy back 95% of each shareholder’s shares at $0.22 each.

Oncard plans to hold a general meeting to approve this proposed buy-back in the week beginning 25 May 2015 with completion before 30 June 2015.

Taverners Group which holds over 32% of the issued shares in Oncard has confirmed that it will vote in favour of the buy-back.

Oncard is currently capitalised at $36 million and was trading at $0.205 prior to today's announcement.


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Oncard International to initiate share buyback with surplus funds

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