Bauxite Resources Limited: Announcement of Buy-back - Appendix 3C
14.05.2013 | ABN Newswire
09:38 AEST May 14, 2013 ABN Newswire (C) 2004-2013 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Perth based bauxite explorer and developer, Bauxite Resources Ltd (ASX:BAU) advises that it is implementing an on-market share buyback for up to 10% of its issued capital over the period of 12 months. Based on BRL's closing share price on 10 May 2013 ($0.12) this would equate to a maximum of $2.8 million.
The Board is committed to active capital management, with a focus on ensuring optimisation of value for shareholders. The Board considers that BRL' s current share price does not accurately reflect the strong underlying cash position and value within the company's assets and the share buyback represents an opportunity to add value to the remaining shares on issue.
The buyback period is scheduled to commence on 28 May 2013 (14 days from the date of this announcement). The buy-back does not require shareholder approval.
The timing and actual number of shares to be purchased will depend on market conditions and other future events. A broker will be appointed to manage the buy-back on behalf of the Company. The Board considers that this buyback will not impact the currently planned work programmes for 2013 and 2014.
To view the release, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-BAU-635444.pdf
About Bauxite Resources Limited:
Bauxite Resources Limited (ASX:BAU) was established in May 2006 to become a part of the bauxite and alumina industries in Western Australia where four of the seven Australian alumina refineries and four of Australia’s bauxite mines are located. The Company listed on the Australian Securities Exchange (ASX) in October 2007.
Bauxite Resources is the largest tenement holder in the Darling Range with approximately 22,500 km2 of ground. This area in south-west Western Australia is acknowledged as the largest producing alumina region in the world supplying approximately 23% of global production.
Contact:
Bauxite Resources Limited
T: +61-8-9200-8200
F: +61-8-9200-8299
WWW: www.bauxiteresources.com.au
