Murchison Metals Limited
(ASX:MMX) wants shareholders to get behind its share buyback plans ahead of the mineral explorer being wound up.
Murchison expects to make a buyback offer of between 4 and 4.2 cents per share to reap as much as $19 million for its remaining shares.
The company says the proposed buy back offers shareholders a choice between exiting their investments in the company and retaining their shares.
The offer will require a majority shareholder approval for any plans to go ahead.
One high profile shareholder definitely not involved will be Sir Ron Brierley, the largest Murchison shareholder, who has accused the company of claiming unprecedented expenses for a company being wound up.
Murchison posted a net profit of $2.3 million in the 2012 financial year.
