Vector plans to sell block of 4.2 mln shares on market

Vector is planning to sell 4.2 million of its own shares it currently holds as treasury stock beginning Nov. 9 as part of ongoing capital management. 

The proceeds of the sale will be initially applied to debt reduction "but will be redeployed into new investment opportunities as they arise," it said in a statement. Vector has engaged Forsyth Barr to assist with the sale.

In its latest annual result, the company said gearing was at 47.1 percent as at June 30 versus 43.7 percent a year earlier and 43.9 percent as at Dec. 31, 2016. 

Vector shares last traded up 0.3 percent at $3.42 and have gained 5.25 percent so far this year. 

(BusinessDesk)

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