ASG flags share buyback
Shares in ASG Group continued to track higher this morning after the company announced a share buyback.
The company said it would buy back up to 10 per cent of its issued capital over a 12-month period starting July 1.
“The company considers an on-market share buyback scheme to be an effective method of returning capital to shareholders where ASG’s shares are trading at a significant discount to the intrinsic value of the company,” ASG said in a statement.
Yesterday the company announced more than $15 million in new contracts.
ASG shares were up two cents, or 2.24 per cent, to 91.5 cents at 8.45am.
They have risen from a 52-week low of 38 cents about this time last year.
