29th Aug 2014 08:27
LONDON (Alliance News) - Ophir Energy PLC Friday launched a share buyback programme of up to USD100 million, saying it took the decision after having assessed the near-term capital needs of the company and the discount at which its shares currently trade against the value of its asset base.
Ophir said the maximum number of shares it will buy back is 59.2 million, with the maximum price the higher of 105% of the average middle-market price of its shares over the five business days preceding each purchase and the price stipulated in European Commission regulation.
Ophir shares were up 1.1% on Friday morning to 229.5 pence, putting it among the top risers on the FTSE 250.
The move by Ophir comes after Thursday announcing the appointment of Bill Higgs as its chief operating officer, following the departure of its chief financial officer and strategy director amid a company-wide restructuring and streamlining programme designed to cut costs and adjust to the "future needs" of the business.
The restructuring will be implemented across all levels of the FTSE 250-listed company and is designed to "reduce costs, and adjust to the future needs of the business...to streamline the senior management team."
As part of its buyback announcement Friday, Ophir confirmed it has "no unpublished price sensitive inside information".
By Sam Unsted; [email protected]; @SamUAtAlliance
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