SYDNEY (XFN-ASIA) - Brambles Industries Ltd said its plans to carry out a 926 mln usd share buyback program leading up to the unification of the group under a single listing on the Australian Stock Exchange (ASX).
The support services company said the buyback will involve 93,863,994 shares representing 5.7 pct of the total current issued capital of the Brambles Group, comprising 90,745,866 shares in Brambles Industries PLC and 3,118,128 shares in Brambles Industries Ltd.
The final cash price is 12.8475 aud per share which equates to 520 pence per share for the London-listed shares.
Brambles said the deal remains subject to final approval from courts and regulators and unification of Brambles' dual-listed company structure proceeding.
The unified group will have a primary listing on the ASX and a secondary listing on the London Stock Exchange.
Brambles Industries PLC will be deleted from the FTSE-100 index after the close on Friday.
(1 usd = 1.30 aud; 0.53 stg)
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