|The Share Buy-Back Mandate (Mandate) was approved by shareholders at an EGM held at the beginning of FY2017 and authorises the Company to purchase or acquire shares according to the terms of the Mandate.
The rationale for the Company to purchase or acquire shares is as follows:
- Greater flexibility in managing capital and maximising return to shareholders. To the extent that the Company has capital and surplus funds which are in excess of the Company’s financial needs, taking into account its growth and expansion plans, the Mandate will facilitate the return to shareholders of surplus funds in an expedient, effective and cost-efficient manner;
- Improving return on equity of the Company, thereby increasing shareholder value;
- Exercising control over the Company’s share structure with a view to enhance the EPS and/or NTA value per share;
- Mitigating short-term market volatility in the price of shares, offsetting the effects of short-term speculation and bolstering shareholders’ confidence; and
- Enabling the Directors to utilise shares purchased or acquired and held as Treasury Shares to be sold for cash, transferred as consideration for acquisitions or issued to employees as a form of compensation, which may be less dilutive than if new shares were issued for this purpose.
The directors will only purchase or acquire shares pursuant to the Mandate if it can benefit the Company and our shareholders. No purchase or acquisition of shares will be made in circumstances which would have or may have a material adverse effect on the liquidity and capital adequacy position of the Company as a whole and/or affect the listing status of the Company on the SGX.
It should be noted that there is no assurance that the Mandate will achieve the desired effect and that such effect, if achieved, can be sustained in the longer term.
|23 May 2017
||0.850 – 0.860
|20 Apr 2017
|19 Apr 2017
||0.855 – 0.860
|18 Apr 2017
||0.855 – 0.860
|17 Apr 2017
|3 Apr 2017
|31 Mar 2017
||0.860 – 0.865