Panoramic to Conduct On-market Share Buyback

Panoramic Resources Limited (ASX:PAN) will conduct an on-market share buyback of up to 15.96 million ordinary shares, being approximately 5 percent of the lowest number of the company’s shares on issue in the last 12 months.

As quoted in the press release:

The Panoramic Board believes the Company’s shares are trading at a level which significantly undervalues the Company’s assets. The Board is committed to actively managing the Company’s capital, and it believes that the proposed buy-back provides the opportunity to consolidate the Company’s capital base for the benefit of all shareholders. The Board will continue to assess the merits of this capital management initiative as market conditions evolve and will keep the market informed of the buy-back progress.

Click here for Panoramic Resources Limited (ASX:PAN) press release