HFA Accelerator Plus is planning to conduct a share buyback of nearly 19 million shares to return capital to its shareholders.
The shares will be bought over a 12-month period from the end of October, at a price of $5.1 million.
“Given the shares in HFA continue to trade at a significant discount to the stated net tangible assets, the board has decided to take this course of action as part of our ongoing focus on capital management,” the company said.
The company warned the market in February this year that it might not meet its timetable for a share buyback in the face of the financial crisis and a lack of liquidity.
HFA suffered a loss of $163.8 million during the six months to December last year.
