Cromwell Property Group extends on-market buy-back and announces SPP

Company News

by Kathy Skantzos

Real estate management company Cromwell Property Group (ASX:CMW) has extended its on-market buy-back until Friday 18 January 2019, and has announced a share purchase plan to raise up to $30 million.

The share purchase plan is open to eligible shareholders to purchase up to $15,000 worth of securities at 94.7 cents a share, with the funds used to repay short term debt and for general corporate purposes including potential investments.

The on-market buy-back has been extended as part of its ongoing capital management program and will continue until no more than approximately 175.9 million securities are bought back during the period.

The company said if current market conditions continue it does not expect to buy back any stapled securities in the next 12 months.

Cromwell said it will fund any buy-back primarily from its cash reserves and may also use the proceeds of asset sales but will not borrow any funds to facilitate the buy-back.

Shares in Cromwell Property Group (ASX:CMW) are trading flat at $0.98.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.