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)

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

BRW - FY26 Half Year Results Announcement
February 25th Morning Report
Genesis completes NZ$100m Placement
MCY - Invests heavily in renewables; delivers strong performance
PFI Announces Interim Results
February 24th Morning Report
THL - FY26 Interim Results: underlying NPAT up 11%, 3cps dividend
FPH updates FY26 revenue and earnings guidance
February 23rd Morning Report
February 20th Morning Report