Resimac Group (ASX:RMC) plans to conduct an on-market buyback of up to 10 million ordinary shares for up to 12 months starting Dec. 11, according to a Tuesday filing with the Australian bourse.
Resimac's board said the buyback will add value to the remaining shares on issue as "the current share price does not accurately reflect the underlying value of the company's assets."
The non-bank lender's shares were up nearly 5% in recent Tuesday trade.
Price (AUD): $0.88, Change: $+0.040, Percent Change: +4.76%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.