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

GUVERA ESCAPES WIND-UP ORDER

GUVERA has avoided being wound up after a claim for a $1.78 million debt by Kwong Properties was dismissed at the ...

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

WESFARMERS' COAL BUSINESS ON FIRE

WESFARMERS (ASX: WES) has lifted its first-half profit guidance due to surging coal prices and higher than expected c...

SIXTH CONSECUTIVE RECORD PROFIT FOR AP EAGERS

AP EAGERS (ASX: APE) will beat guidance with its sixth-consecutive record profit when it reports its full year result...

Related News

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

SMES TAKE RETAIL MARKET SHARE AS CONSUMERS CHOOSE PERSONALISATION

IN a battle for the hearts and wallets of Australian consumers, it appears that small and medium retail businesses...

KNOWLEDGE WORKERS AMONG MOST SOUGHT AFTER IN 2017

BUSINESSES searching for efficiencies and improved systems are in search of knowledge workers early this year, say...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter