FLAGSHIP INVESTS IN ITSELF AGAIN

Written on the 17 July 2014 by Nick Nichols

FLAGSHIP INVESTS IN ITSELF AGAIN FLAGSHIP Investments (ASX: FSI) has renewed its continued investment in itself with plans to buy back up to 10 per cent of the shares it has on issue.

The Bundall-based share portfolio manager, headed by Manny Pohl (pictured), is extending its share buy-back program for another year, intending to buy up to 2.4 million shares.

The company, formerly known as Hyperion Flagship Investments, this week completed its latest buy-back which saw it acquire 307,288 shares for a total of $437,693.

The highest price the company paid for its shares was $1.53 in October last year, and the lowest was $1.31 in July.

Flagship has undertaken an almost continuous buy-back program since 2005, broken only in 2007 when it raised $30 million from investors.

The shares are tightly held but continue to trade below their latest net asset backing of $1.744.

However, the shares have edged closer to their underlying value over the past year, rising from just over $1.30 a year ago and reaching a high of $1.67 in March.

“The board has determined that the recently expired buy-back was an effective capital management strategy in enhancing the value of the shares in the company,” the company says.

Flagship Investments has 24.2 million shares on issue and the current buyback has been extended to July 10 next year.

Flagship has a market capitalisation of $38.8 million. Its shares traded as high as $1.67 over the past year and as low as $1.30.

While the shares had a net asset backing of $.744 at the end of June this year, the company says the estimated value after taking into account tax payable on sale of its portfolio is just over $1.60.



Author: Nick Nichols

Latest News

2017 BRISBANE TOP COMPANIES REVEALED

WHILE Queensland is regarded as an economy in transition with the winding down of the mining boom, the 2017 top 50...

2017 BRISBANE TOP COMPANIES 1-10

FROM insurance and banking to travel, gambling, retail, property and pizza, these "heavyweights" have ha...

2017 BRISBANE TOP COMPANIES 11-20

RETAIL, property, an airline, cars, real estate, software services, energy, agriculture, veterinary services bathr...

2017 BRISBANE TOP COMPANIES 21-30

JEWELLERS Michael Hill International listed in 2016 with a half-billion dollar market capitalisation and a new CEO...

Related News

FURNITURE DISRUPTOR SET TO SHARE HIS ONE OF A KIND BUSINESS MODEL

IT'S no secret that Australians love homemaking. Their ceaseless quest to create the perfect place to call hom...

WEEDING OUT THE ASX'S BURGEONING CANNABIS TREND: 8 COMPANIES TO WATCH

A NICHE is budding on the ASX in the form of medical cannabis, an industry which has been on the country's rad...

FRESH CLASS ACTION TO REVEAL ANOTHER SIDE OF SLATER AND GORDON DOWNFALL

ACA LAWYERS has issued a formal letter of demand to Andrew Grech (pictured), managing director of Slater and Gordo...

STARSHIPS WERE MEANT TO DELIVER DOMINO'S PIZZA

NICKI Minaj may have been off the mark when she declared 'starships were meant to fly'. However, she m...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter