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Barloworld Ltd (ticker: BAW, exchange: )
News Release -
20-Mar-2000
BARLOW BUYS BACK 6% OF ITS SHARES FOR R600-MILLION Global industrial brand management company Barlow had bought back 6,24 percent of its shares by the end of trading on the JSE on Friday, March 17, for a total consideration of R618 377 290.
The company has purchased 13 372 400 shares in all. This makes it by far the biggest share buyback programme in South Africa to date following changes to the Companies Act allowing companies to buy back up to 10 percent of their issued share capital.
Barlow began its programme on February 15 this year and announced on March 6 that it had acquired 3 percent of its shares. In terms of JSE regulations companies are obliged to report publicly on each incremental 3 percent purchased.
The Barlow purchases to date have been funded from available resources.
Barlow chief executive officer Tony Phillips says the Barlow share buyback programme is part of the company's focus on creating shareholder wealth, and has taken this route because of its strong cash flows and sound balance sheet.
While share buybacks are new to South Africa, they are common practice in the United States and Britain.
For further information, contact Mark Drewell, head: corporate communication at Barlow. Phone: (011) 445 1204. |
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Barloworld Ltd
