• Most Popular
  • Most Shared

TEXT-Babcock & Brown Capital increases buyback threshold

Sun Jun 1, 2008 8:08pm EDT

(Following is a statement from Australian investment firm Babcock & Brown Capital BCM.AX)

SYDNEY, June 2 - Babcock & Brown Capital Limited ("BCM") today announced that it has increased the threshold of its on-market buy-back program from a maximum of 9.99% of BCM's original issued capital to a maximum of 20% of BCM's original issued capital, or 40 million ordinary shares.

The increase in the on-market buy-back follows Shareholder approval, on 21 April 2008, to buy-back up to 50% of BCM's original issued capital.

The Independent Expert, KPMG, is in the process of finalising their report to the BCM Board on the off-market tender process and BCM has commenced discussions with ASIC and ASX to obtain the necessary regulatory approvals. Further updates will be provided to Shareholders in due course.

BCM advised that it currently holds approximately A$270 million in available cash which has been allocated to capital management programs and a further A$150 million cash reserve to support current investments.



More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    PICTURES
    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    Oddly Enough
    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

    Global Markets