12th May 2016 08:44
LONDON (Alliance News) - CLS Holdings PLC on Thursday launched a share buyback programme with a view to reducing the issued share capital of the company and boost its net asset value per share.
The FTSE 250-listed property investor said it believes its current share price, at a significant discount to its last reported net asset value per share, "does not adequately reflect the value of its property portfolio and development pipeline."
CLS said the programme will start from Thursday and end, unless terminated earlier, on June 30. Liberum Capital Ltd has been appointed to manage the buyback.
CLS said the maximum price payable for the shares it will buy back will be 105% of the average market value of the shares in the five business days proceeding the purchase. The maximum total number of shares the company will buy back will be 4.1 million, 10% of the total.
CLS shares were up 7.9% on the news to 1,700.00 pence, one of the best performers in the FTSE 250.
By Sam Unsted; [email protected]; @SamUAtAlliance
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