Tuesday, 16 July 2019 04:42 GMT
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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.

 

Proactive Investors Australia is the market leader in producing news articles and research reports on ASX emerging companies with distribution in Australia UK North America and Hong Kong / China.


Oncard International to initiate share buyback with surplus funds

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