17th Oct 2013 16:14
LONDON (Alliance News) - Irish food group Origin Enterprises PLC Thursday said it plans to return up to EUR100 million to shareholders by means of a share buyback offer at a price of EUR7.50 per share on Friday.
Origin said the tender offer was in the best interests of the group as it provided shareholders who wish to sell their shares with an opportunity to do so at a fixed price.
The firm said the tender offer is expected to have a positive effect on both its earnings per share and dividend per share measures, by reducing the number of shares outstanding.
"As the group continues to be modestly geared and cash generative, the board will keep other opportunities to return value to shareholders under consideration," the Origin added.
The stock closed at EUR6.84 pence Thursday, up 0.14 pence or 2.1%
By Anthony Tshibangu; [email protected]; @anthonyallnews
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