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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Thorney Opportunities Ltd    TOP   AU000000TOP2

THORNEY OPPORTUNITIES LTD

(TOP)
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Thorney Opportunities : TOP Announces On-Market Share Buy-Back - Appendix 3C

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12/04/2019 | 06:15pm EST

THORNEY OPPORTUNITIES LTD

ACN 080 167 264

ASX Announcement: 5 December 2019

ASX Code: TOP

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

Appendix 3C

9Rule 3.8A

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

Name of entity

ABN/ARSN

THORNEY OPPORTUNITIES LTD

41 080 167 264

We (the entity) give ASX the following information.

Information about buy-back

  1. Type of buy-back
  2. +Class of shares/units which is the subject of the buy-back(eg, ordinary/preference)
  3. Voting rights (eg, one for one)
  4. 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

  1. Number of shares/units in the 203,619,230 +class on issue
  2. 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)

7

Reason for buy-back

Ongoing capital management

  • See chapter 19 for defined terms. 11/01/2010 Appendix 3C Page 1

Appendix 3C

Announcement of buy-back

8

Any other information material to

Nil

a

shareholder's/unitholder's

decision whether to accept the

offer (eg, details of any proposed

takeover bid)

On-marketbuy-back

  1. Name of broker who will act on the company's behalf
  2. Deleted 30/9/2001.
  3. If the company/trust intends to buy back a maximum number of shares - that number

Note: This requires a figure to be included, not a percentage.

Bell Potter Securities Ltd

Not applicable

20,361,923

12 If the company/trust intends to buy back shares/units within a period of time - that period of time; if the company/trust intends that the buy-back be of unlimited duration - that intention

12 month duration (19 December 2019 to 18 December

2020).

The Company reserves the right to suspend or terminate the buy-back at any time.

13

If the

company/trust intends

to

Not applicable

buy

back

shares/units

if

conditions

are met - those

conditions

Employee share scheme buy-back

14

Number of shares proposed to be

Not applicable

bought back

15

Price to be offered for shares

Not applicable

+ See chapter 19 for defined terms.

Appendix 3C Page 2

11/01/2010

Appendix 3C

Announcement of buy-back

Selective buy-back

16 Name of person or description of Not applicable class of person whose shares are

proposed to be bought back

  1. Number of shares proposed to be bought back
  2. Price to be offered for shares

Equal access scheme

  1. Percentage of shares proposed to be bought back
  2. Total number of shares proposed to be bought back if all offers are accepted

Not applicable

Not applicable

Not applicable

Not applicable

21

Price to be offered for shares

Not applicable

22

+Record date for participation in

Not applicable

offer

Cross reference: Appendix 7A, clause 9.

Compliance statement

1. The company is in compliance with all Corporations Act requirements relevant to this buy-back.

or, for trusts only:

  1. The trust is in compliance with all requirements of the Corporations Act as modified by Class Order 07/422, and of the trust's constitution, relevant to this buy-back.
  2. There is no information that the listing rules require to be disclosed that has not already been disclosed, or is not contained in, or attached to, this form.

Sign here:

...

........

Date: ....5/12/2019....................

(Director/Company secretary)

Print name:

...CRAIG SMITH................................................

  • See chapter 19 for defined terms. 11/01/2010 Appendix 3C Page 3

Disclaimer

Thorney Opportunities Limited published this content on 05 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 December 2019 23:14:06 UTC

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Managers
NameTitle
Alexander Waislitz Non-Executive Chairman
Ashok Peter Jacob Independent Non-Executive Director
Gary Hilton Weiss Lead Independent Non-Executive Director
Henry D. Lanzer Non-Independent Non-Executive Director
Craig Anthony Graham-Smith Secretary