THORNEY OPPORTUNITIES LTD
ACN 080 167 264
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ASX Announcement: 5 December 2019
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ASX Code: TOP
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TOP ANNOUNCES ON-MARKET SHARE BUY-BACK
On-marketbuy-back program
Thorney Opportunities Ltd (TOP or Company) advises that it intends to conduct an on-market share buy-back during the period from 19 December 2019 to 18 December 2020 unless the maximum number of shares are bought back prior to this date or TOP decides to cease the buy-back. Directors and their associates have advised the Company that they do not intend to participate in the buy-back.
Capital structure
The maximum number of shares which the Company proposes to acquire under the on- market buy back is up to approximately 2 0 , 3 6 1 , 9 2 3 or up to 10% of the lowest number of ordinary shares on issue during the previous 12 months. Accordingly, the on-market buy- back will not require shareholder approval.
Commencement date
Under the Corporations Act 2001 (Cth), the earliest date that the Company will be permitted to buyback any shares on market is 19 December 2019, being 14 days from the date the ASIC Form 281 is to be lodged (5 December 2019).
Objectives
As outlines in various shareholder updates, the TOP share price has consistently traded at a significant discount to its Net Tangible Assets (NTA) per share. Given the historical strong investment performance of TOP, the Board considers the discount of the share price to the NTA to be unacceptable. The Board anticipates the buy-back will be accretive to the NTA and represents a prudent capital management strategy. The Company proposes to fund the share buy-back from existing cash reserves. Notwithstanding funds to be expended for the buy- back, the TOP will still maintain considerable cash reserves and the Company will continue to focus and trade around i t s c o r e p o r t f o l i o a n d s e e k o u t n e w v a l u e o p p o r t u n i t i e s .
An Appendix 3C in respect of the on-marketbuy-back is attached.
Please direct enquiries to:
Craig Smith
Company Secretary
Email: craig.smith@thorney.com.au
Telephone: + 61 3 9921 7116
Website: http://thorneyopportunities.com.au/
Level 39, 55 Collins Street, Melbourne Vic 3000
Telephone + 61 3 9921 7116 Facsimile + 61 3 9921 7100
Appendix 3C Announcement of buy-back
Announcement of buy-back
(except minimum holding buy-back)
Information and documents given to ASX become ASX's property and may be made public.
Introduced 1/9/99. Origin: Appendix 7B. Amended 13/3/2000, 30/9/2001, 11/01/10
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Name of entity
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ABN/ARSN
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THORNEY OPPORTUNITIES LTD
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41 080 167 264
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We (the entity) give ASX the following information.
Information about buy-back
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Type of buy-back
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+Class of shares/units which is the subject of the buy-back(eg, ordinary/preference)
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Voting rights (eg, one for one)
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Fully paid/partly paid (and if partly paid, details of how much has been paid and how much is outstanding)
On-marketbuy-back
Ordinary shares
One for one
Fully paid
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Number of shares/units in the 203,619,230 +class on issue
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Whether shareholder/unitholder Shareholder approval is not required (as the buy- approval is required for buy-back back will be considered within 10/12 limit)
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7
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Reason for buy-back
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Ongoing capital management
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See chapter 19 for defined terms. 11/01/2010 Appendix 3C Page 1
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