(MENAFN- ProactiveInvestors)
() 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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