LinQ announces buy-back
LinQ Capital has announced an on-market buy-back of units in LinQ Resources Fund declaring that the current unit price significantly undervalues the fund and is unjustified given its quality and track record.
In an announcement to the Australian Securities Exchange today, LinQ said the board had been working to address the discount to the fund’s net tangible assets at which the units were trading on the ASX and that notwithstanding the performance of the fund, a number of factors including the softening of sentiment in global equity markets and the impact of global credit issues in recent months had impacted its unit price trading.
It said that as a result of this, the company had implemented an off-market withdrawal offer facility, the on-market buy-back and an increased marketing of the fund both nationally and internationally to improve its exposure to both existing and new unit holders.
The board said it had also decided to reintroduce the Distribution Reinvestment Plan for the 2007-08 financial year, which had been suspended during the previous financial year.
AUTHOR
Mike Taylor
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