Iron Road Ltd (ASX:IRD) Announces On-Market Share Buy-Back
Share Buy-Back Program
Iron Road Ltd plans to initiate an on-market share buy-back program, targeting up to 5% of its issued capital. The buy-back is set to start on or after 24 February 2025 and will continue for 12 months unless completed or terminated earlier.
Program Details
Shares will be repurchased at prices no more than 5% above the Volume Weighted Average Price (VWAP) of the past five trading days. The total buy-back will not exceed 10% of issued capital within the 12-month period. Details of the number of shares purchased and the average price will be reported to the ASX on the business day following each purchase.
Capital Management Strategy
The buy-back aligns with Iron Road’s capital management strategy, ensuring financial flexibility to advance its Central Eyre Iron Project (CEIP) and develop the Cape Hardy Industrial Port Precinct. Purchased shares will be cancelled periodically, reducing the number of shares in issue over time. The company reserves the right to suspend or terminate the buy-back based on market conditions and other relevant factors.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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