360 Capital Group Completes Off-Market Buy-Back, Starts On-Market Buy-Back
Key points
- Completed off-market buy-back of 13,320,216 securities (6.3% of total)
- Commencing on-market buy-back of up to 19,247,230 securities
- Buy-backs funded from existing cash reserves of over $81 million
Full summary
360 Capital Group (ASX:TGP) has announced the completion of its equal access off-market buy-back of 13,320,216 securities at a fixed price of $0.65 per security, representing 6.3% of the total securities on issue. The buy-back closed on 21 May 2025, with cancellation and payment to occur on 27 May 2025. There was no scale-back of acceptances required. Following the off-market buy-back, the Group intends to activate an on-market buy-back of up to 19,247,230 securities, as approved by securityholders at the 2024 AGM. The Independent Directors believe that buying back the Group's securities is the best use of its excess cash, given the continuing trading discount to net asset value. The on-market buy-back will be funded from the Group's existing available cash reserves, which will exceed $81 million after the off-market buy-back, along with $18 million in short-term loan investments. Morgans Financial Limited has been appointed to undertake the on-market buy-back.
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