5th Feb 2015 09:09
LONDON (Alliance News) - Elephant Capital PLC Thursday revealed plans for a new share buyback programme to use cash deemed surplus to requirements to buy up to 25% of its existing shares.
Following a GBP1.0 million share buyback in July 2014, the group is proposing to return a further GBP1.0 million to shareholders through the new buyback, which will begin on March 9, subject to approval at its annual general meeting on March 6.
Elephant Capital said it would buy back the shares at the lower of 5% about the market price of its shares or 24.5 pence, which it said is 70% of its net asset value per share on August 31, 2014. The stock was untraded Thursday at 17.00p.
"Our strategy continues to be to return capital to shareholders following further realisations of the investment portfolio," Chairman Vikram Lall said in a statement.
The news came as the India-focused private equity company reported a net asset value per share of 25 pence at the end of August 2014, the end of its financial year, compared with 34 pence at the end of February in the same year.
By Samuel Agini; [email protected]; @samuelagini
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