On-market buyback

Key points

• GDI announces on-market buyback of up to 5% of stapled securities
• Buyback funded by cash reserves and undrawn debt
• Discretion retained on volume, price, and timing of purchases

Full summary

GDI Property Group Limited has announced an on-market buyback of up to 5% of its stapled securities. The decision follows an increase in available liquidity to $90.0 million. The Board considered various uses of the capital, including investments and maintaining distribution. The buyback is discretionary, with GDI retaining full discretion over volume, price, and timing. Funding will come from cash reserves and undrawn debt, with potential reliance on non-core asset sales. GDI has over $100.0 million of non-core assets, which may be sold to support the buyback.

Guidance

Buyback of up to 5% of stapled securities

Outlook

The buyback is discretionary, with GDI retaining full discretion over volume, price, and timing.