Bauxite flags share buyback

Thursday, May 16, 2013
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Shares in Bauxite Resources firmed after the company announced a $2.8 million share buyback of up to 10 per cent of its issued stock.


The board decided on the buyback because it believes its prevailing share price does not reflect the true value of the company.


"The timing and actual number of shares to be purchased will depend on market conditions and other future events," Bauxite said in a statement.


A broker would be appointed to manage the buy-back on behalf of the company.


"The board considers that this buyback will not impact the currently planned work programs for 2013 and 2014," the company said.


Late last month, the company's quarterly cashflow report revealed it had $45 million in cash reserves and no debt.


Bauxite Resources holds two joint venture bauxite projects covering 20,500sqkm in the Darling Range.


Bauxite shares closed up one cents, or 8.33 per cent, at 13 cents.

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