ALS LIMITED asx/media release
For personal use only
25 July 2022
ALS Limited (ASX: ALQ) announces $100 million on-market share buy-back
ALS today announced the launch of an on-market share buy-back of up to $100 million over the next 12 months, representing 1.9% of shares on issue based on ALS' closing share price of $11.14 on 22 July 2022.
The Company's strong balance sheet position and free cash flow generation provides flexibility for value accretive capital management tools, such as an on-market share buy-back to be pursued. The Company believes that the establishment of on-market share buy-back program provides the most efficient and balanced capital management option within its capital management framework.
Managing Director and CEO, Raj Naran said "the buy-back program reflects our disciplined and efficient capital management program, the strong balance sheet and focus on returning excess capital to our shareholders.
"The Company remains committed in pursuing all strategic growth opportunities this year, focusing on value-enhancing acquisitions, particularly in the food and pharmaceutical markets, targeting opportunities that fit with existing capabilities or attractive adjacent markets. Our balance sheet retains significant capacity for organic growth, including existing capacity expansions previously announced for FY23, future acquisitions including a solid pipeline of opportunities, and capital management tools such as todays announced $100 million on-market share buy-back. We will continue to monitor and evaluate all strategic growth opportunities as they arise."
The Company will use its existing cash balances to fund the buy-back program. The Dividend Reinvestment Plan will be suspended whilst the on-market share buy-back is operational.
The share buy-back program will be within the '10/12 limit' permitted by the Corporations Act 2001 (Cth) and therefore does not require shareholder approval. The number of shares and timing of purchase will be dependent on ALS' share price and market conditions. The Company reserves the right to vary, suspend or terminate the share buy-back program.
The Appendix 3C in respect of the on-market share buy-back program is attached to this announcement.
Approved for release by the Board of ALS Limited.
For further information please contact:
Cameron Sinclair
Head of Investor Relations, ALS Limited +61 412 430 393 c.sinclair@alsglobal.com
About ALS Limited
ALS is a global Testing, Inspection & Certification business. The company's strategy is to broaden its exposure into new sectors and geographies where it can take a leadership position.
alsglobal.com
Notification of buy-back
Announcement Summary
For personal use only
Name of entity
ALS LIMITED
Announcement type
New announcement
Date of this announcement
25/7/2022
ASX Security code and description of the class of +securities the subject of the buy-back
ALQ : ORDINARY FULLY PAID
The type of buy-back is:
On market buy-back
Refer to next page for full details of the announcement
Notification of buy-back | 1 / 5 |
Notification of buy-back
Part 1 - Entity and announcement details
For personal use only
1.1 Name of entity
ALS LIMITED
We (the entity named above) provide the following information about our buy-back.
1.2 | Registration number type | Registration number |
ACN | 009657489 | |
1.3 | ASX issuer code | |
ALQ |
- The announcement is New announcement
- Date of this announcement
25/7/2022
1.6 ASX Security code and description of the class of +securities the subject of the buy-back
ALQ : ORDINARY FULLY PAID
Notification of buy-back | 2 / 5 |
Notification of buy-back
Part 2 - Type of buy-back
2.1 The type of buy-back is: On market buy-back
For personal use only
Notification of buy-back | 3 / 5 |
Notification of buy-back
Part 3 - Buy-back details
only | ||
Part 3A - Details of +securities, price and reason | ||
3A.1 Total number of +securities on issue in the class of | ||
+securities to be bought back | ||
484,167,684 | ||
use | 3A.4 Does the entity intend to buy back a minimum | |
number of +securities | ||
No | ||
3A.5 Does the entity intend to buy back a maximum | ||
number of securities | ||
Yes | ||
3A.5a Maximum number of securities proposed to be | ||
personal | bought back | |
9,000,000 | ||
3A.6 Name of broker or brokers who will offer to buy back +securities on the entity's behalf | ||
Broker name: | ||
Merrill Lynch Equities (Australia) Limited | ||
3A.9 Are the +securities being bought back for a cash consideration? | ||
Yes | ||
3A.9a Is the price to be paid for +securities bought back known? | ||
No | ||
3A.9a.1 In what currency will the buy-back consideration | ||
be paid? | ||
For | AUD - Australian Dollar | |
Part 3B - Buy-back restrictions and conditions
3B.1 Does the buy-back require security holder approval?
Notification of buy-back | 4 / 5 |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
ALS Limited published this content on 24 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 July 2022 23:23:03 UTC.
