Cromwell initiates buy-back
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.
AUTHOR
Mike Taylor
Recommended for you
A Gold Coast-based financial adviser has been banned for four years by the corporate regulator after he provided inappropriate advice for Next Generation Advice regarding speculative and illiquid investments.
With $34.9 million in cash on its balance sheet, Fiducian executive chairman Indy Singh has said the licensee won’t be rushed into making large advice acquisitions or paying out special dividends.
ETF provider VanEck is set to launch its latest smart beta ETF – the MSCI International Growth ETF– ushering in a new growth international equities strategy.
Advancing research on the use of artificial intelligence in financial services, AMP has announced a strategic partnership with UNSW Sydney.
