Rio Tinto has successfully completed its off-market buy-back of Rio Tinto Limited shares, which was increased to A$750 million from the indicative A$700 million announced due to strong demand. The Buy-Back Price was A$63.67 per Share which represented a discount of 14 per cent to the Market Price.
The Rio Tinto Limited Buy-Back was announced to the Australian Securities Exchange (“ASX”) on 22 September 2017 as part of a US$2.5 billion share buy-back programme, returning the proceeds from the sale of Coal & Allied to Rio Tinto shareholders.
Rio Tinto Limited bought back approximately 11.8 million Shares, at an aggregate cost of A$750 million (US$575 million). This represents 2.78 per cent of Rio Tinto Limited’s issued ordinary share capital (or 0.66 per cent of the Rio Tinto Group’s issued ordinary share capital). Following completion, Rio Tinto Limited’s issued share capital will stand at 412,414,348 shares.
The portion of the Programme relating to the on-market buy-back of Rio Tinto plc shares will now total a maximum amount of US$1,925 million and will commence on 27 December 2017 and will be completed no later than 31 December 2018. As previously announced, Rio Tinto plc has entered into a separate non-discretionary irrevocable instruction for an aggregate maximum consideration of up to $300 million for the period between 27 December 2017 and 28 February 2018 as part of the on-market portion of the Programme.
The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. Kalkine.com.au and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). The information on this website has been prepared from a wide variety of sources, which Kalkine Pty Ltd, to the best of its knowledge and belief, considers accurate. You should make your own enquiries about any investments and we strongly suggest you seek advice before acting upon any recommendation. Kalkine Pty Ltd has made every effort to ensure the reliability of information contained in its newsletters and websites. All information represents our views at the date of publication and may change without notice. To the extent permitted by law, Kalkine Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss or data corruption). If the law prohibits this exclusion, Kalkine Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services. There may be a product disclosure statement or other offer document for the securities and financial products we write about in Kalkine Reports. You should obtain a copy of the product disclosure statement or offer document before making any decision about whether to acquire the security or product. The link to our Terms & Conditions has been provided please go through them and also have a read of the Financial Services Guide. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.