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

COLLINS FOODS GOBBLES UP MORE AUSSIE KFC STORES

COLLINS Foods Limited (ASX: CKF) has purchased 28 KFC restaurants from Yum! Brands Inc for $110.2 million, adding fur...

SUPREME COURT ORDERS OCTAVIAR GROUP TO WIND UP

THE Queensland Supreme Court has ordered the Octaviar Group of companies (formerly known as MFS Group) to be wound...

CEOS BRAVE THE COLD TO RAISE $1.4 MILLION FOR THE HOMELESS

MORE than 400 executives confronted the cold last night in the annual Vinnies CEO sleepout, which took place benea...

JENNIFER WESTACOTT ON BANK TAX: IT EXPOSES GOVERNMENT "DESPERATION"

South Australia's new bank levy exposes the desperation of a government that is unable to get its own budget and ...

Related News

COLLINS FOODS GOBBLES UP MORE AUSSIE KFC STORES

COLLINS Foods Limited (ASX: CKF) has purchased 28 KFC restaurants from Yum! Brands Inc for $110.2 million, adding fur...

BASKETBALL'S COMEBACK CONTINUES WITH NBL CLUBS TO FACE OFF AGAINST CHINA'S NATIONAL TEAM

THE RESURGENCE of Australia's National Basketball League (NBL) continues with China's national team to play t...

DOMESTIC TOURISM IN AUSTRALIA BREAKS RECORDS, INJECTS $61.7 BILLION INTO NATIONAL ECONOMY

DOMESTIC Australian tourists have spent a record breaking $61.7 billion on intra and interstate travel this year, acc...

THE DOCTORS WHO PLUNGED INTO THE SHARK TANK AND SURVIVED WITH A $500,000 INVESTMENT

THEIR mission is to change the face of cancer care with an app that empowers and connects patients and care givers...

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