CSR $100 million on-market share buyback

Company News

by Rachael Jones

Building products company CSR Limited (ASX:CSR) will commence an on-market share buy-back of its ordinary shares of up to $100 million.

The share buy-back represents a return of surplus capital expected to be generated by the company, including the completion of the sale of the Viridian Glass business for $155 million and proceeds from the sale of the industrial property at Ingleburn, NSW which has an estimated market valuation in excess of $60 million.

In addition, cash settlements of approximately $110 million from two previously announced property transactions will be received over the next 12 months.

CSR expects that group net profit after tax (NPAT before significant items) will be within the current range of analysts’ forecasts - updated for the sale of Viridian - of $180 to $187 million.

Shares in CSR Limited (ASX:CSR) closed flat at $3.32 yesterday.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.