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- Lowell Resources Fund’s (LRT) responsible entity Cremorne Capital has approved an on-market unit buyback on a portion of Lowell’s fully paid ordinary units
- The buyback of up to 10 per cent of the company’s units will extend over a 12-month period from April 16
- Under the arrangement, the maximum number of units available for buy-back is set to exceed 2.7 million, based on the lowest number of units on issue by LRT over the previous 12 months
- Shares will be priced at no more than five per cent above the volume-weighted average price for the five sales days prior to the buy-back date
- LRT will fund the transaction through existing cash balances with the vision to pursue further growth and investment opportunities
- Lowell Resources shares last traded at $1.50 each
Lowell Resources Fund’s (LRT) responsible entity Cremorne Capital has approved an on-market unit buyback on a portion of Lowell’s fully paid ordinary units.
Based in Melbourne, LRT is focussed on generating strong absolute returns from the junior resources sector.
The buyback of up to 10 per cent of the company’s units will extend over a 12-month period from April 16.
Under the arrangement, the maximum number of units available for buy-back is set to exceed 2.7 million, based on the lowest number of units on issue by LRT over the previous 12 months.
Shares will be priced at no more than five per cent above the volume-weighted average price for the five sales days prior to the buyback date.
The buy is slated to meet LRT’s aims of enhancing unit-holder returns and capital efficiency as well as maintaining balance sheet flexibility to pursue further growth and investment opportunities.
Lowell will fund the transaction through its existing cash balances.
Lowell Resources shares are in the grey, last trading at $1.50 at 3:41 pm AEST.
