Bancorp Wealth Management New Zealand Ltd.
Bancorp starts share buy back program
Bancorp Wealth Management New Zealand Limited / Key word(s): Share Buyback Bancorp starts share buy back program – Bancorp buy up to 3.0 percent of the issued shares back Auckland, New Zealand, 29. September 2014 – The Board of Directors of Bancorp Wealth Management New Zealand Limited (Bancorp), an international holding company specialising in the aviation insurance brokering business, announces a share buyback program. Due to the fact, that Bancorp sold its bus-division called Auckland Airbus, the company is now holding cash of around 10 million NZ$ which it has ear marked for further investment into its aviation insurance broker, Boston Marks. It is currently pursuing several acquisition discussions. The Board of Directors believe, that the market is currently undervaluing the stock especially given the company’s cash reserves. As a consequence the company is announcing, that it will undertake an on market share buy. Managing Director, Craig Brownie said: “The buyback will be for up to a maximum of 3.0 percent of shares on issue and take place over a 12 month period subject to being able to continue to purchase stock on a value accretive basis to the shareholders and company.” The company will continue to invest in its core business of aviation insurance broking over this time. About us 29.09.2014 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
289070 29.09.2014 |