Pacific Current shares gain on plans for $300m share buyback
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The news: Shares in Pacific Current Group advanced on the ASX as the asset manager revised its timetable for a proposed $300 million share buyback.
The numbers: Pacific Current shares were up 6.4% to $11.70 by 12:15pm AEDT, extending gains of more than 30% since January.
The company said it intends to propose shareholders approve the buyback of up to $300 million of surplus capital, at a price of $12 per Pacific Current share, subject to "a range of factors including market conditions, engagement with regulators and the timing of the buyback".
The context: Pacific Current said it now anticipates holding an extraordinary general meeting (EGM) for approval of the buyback in late January or early February 2025, with the offer period expected to close in March.
The revised timetable follows a determination by the ASX that the company will require an independent expert's report to accompany the notice of the EGM as three of its largest shareholders own 45% of its shares.
Pacific Current originally announced plans for the buyback in April, with expectations for an EGM for July. However, it later pushed back the date of the meeting to "late Q1-early Q2 of FY25", subject to the timing of receipt of a ruling from the Australian Taxation Office.
The source: ASX announcement
