GOVERNMENT BUYBACK MAKES QR NATIONAL SHARES SOAR

Written on the 8 October 2012

GOVERNMENT BUYBACK MAKES QR NATIONAL SHARES SOAR

THE Queensland Government’s plan to sell $1.5 billion of QR National (QRN) shares today has sparked an instant reaction to the ASX-listed freight company’s share price.

QRN shares rose nearly 5 per cent to $3.64 per unit, valuing the Newman Government’s remaining stake at about $1.35 billion.

“The $1.5 billion sale represents a gain of around $400 million to Queensland’s bottom line since the initial public offer,” says State Treasurer Tim Nicholls (pictured).

The deal involves selling more than $1 billion of shares via a selective buyback to QRN plus a $500 million placement to cornerstone investors.

QRN managing director and CEO Lance Hockridge reveals the buyback will help expedite capital management initiatives, provide greater certainty than the existing on-market buyback program and bring more immediate earnings per share to shareholders.

“The selective buyback is not expected to inhibit QRN’s participation in available growth opportunities in the future,” he says.

The on-market buyback will be suspended pending shareholder approval of the proposed selective buyback and, if the selective buyback is approved by shareholders, it will replace the on-market buyback.


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