GPT Group is extending its on-market security buy-back for an additional 12 month period from 11 May 2012.
The maximum number of securities that can be bought back will increase to a total of up to 10% of ordinary securities, up from 5%.
Since announcing the buy-back program in May last year GPT has bought 67.5 million securities or 3.6% of issued ordinary capital at an average price of $3.07 which represents an average discount to NTA of 14.6%.
CFO Michael O’Brien said buy-back remains a compelling use of capital for GPT.
“With the balance sheet remaining relatively lowly geared, GPT is well positioned to extend the buy-back. This is an important part of our strategy to actively manage capital in order to deliver the best returns for investors,” he concluded.
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