Clough announces mini on-market buyback

The West Australian March 3, 2010, 1:42 pm

WA News / Guy Magowan © Clough has formed a joint venture with Helix.

Engineering and construction contractor Clough has announced an on-market share buyback.

Clough said in a statement to the Australian stock exchange it planned to buy back 2.5 million (0.32 per cent) of its 770.6 million ordinary shares on issue "to satisfy the demand for shares as a result of options being exercised in the company's long-term incentive plan".

Based on Clough's closing share price of 78.5 cents, the buyback would cost $1.96 million.

Perth-based Clough said in the statement it intended to buy back the shares between March 17 and March 31.

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