Property and funds management group Cromwell will undertake an on-market buy-back of up to 10 per cent of its issued capital on the back of a recent portfolio rebalancing that has seen several significant asset sales.
The group announced its intentions this week, claiming that the board did not believe the current market price accurately reflected the inherent value.
Cromwell chairman Paul Weightman said the group currently had low gearing and surplus capital and would buy back its securities when it considered the market price did not accurately reflect the inherent value.
In conjunction with the buy-back, Crowell also announced the suspension of its dividend/distribution reinvestment plan for the period of the buy-back.
