Aurizon Holdings Limited ("Aurizon") today announced the intention to undertake an on-market buy-back of up to 5% of its issued share capital (107 million shares).
Lance Hockridge, Aurizon Managing Director & CEO, said "The buy-back reflects Aurizon's strong balance sheet and highlights our ability to return capital to shareholders, while also maintaining the flexibility to fund appropriate growth projects and our commitment to our current BBB+/Baa1 credit ratings."
The buy-back will commence no earlier than 14 days after the date of this announcement and end no later than 12 months from the date of this announcement. The timing and actual number of shares purchased under the buy-back will depend on the prevailing share price, business and market conditions and other considerations, and all shares purchased under the buy-back will be cancelled.
An Appendix 3C in respect of the buy-back is attached to this announcement. Aurizon reserves the right to suspend or terminate the buy-back at any time and there is no guarantee that Aurizon will repurchase the full 107 million shares referred to above.
The impact of this buy-back will be excluded from the calculation of EPS for management remuneration.