Rio completes A$560m share buy-back
PERTH (miningweekly.com) – Major Rio Tinto has completed a A$560-million off-market share buy-back as part of the company’s larger $2-billion capital return programme.
The off-market tender was initially set at A$500-million, but was increased owing to strong demand.
Rio reported on Tuesday that the company had bought back about 11.6-million shares, at A$48.44 a share, which represented a 14% discount to the market price.
Owing to the significant oversubscription for the buy-back, a 91.02% scale-back of tenders was required, but the miner noted that subject to exclusions, shareholders who tendered their shares at the 14% tender discount, or as a final price tender, would have a priority allocation of 85 shares bought back before the scale-back is applied.
Shareholders who tendered all of their shares at 14% tender discount, and who would be left with 35 shares or less as a result of the priority allocation and scale-back, would have all of their shares bought back in full.
Meanwhile, Rio has confirmed that the company’s on-market buy-back of shares would continue until the end of the year. To date, about 4.2-million shares have been repurchased, at an average price of £29.99 a share, for an aggregate consideration of $189-million.
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