MPO completes USD9m of share buybacks
Macau Property Opportunities Fund, managed by Sniper Capital, has repurchased five per cent or circa USD9m worth of its own ordinary shares in two block transactions.
All five million repurchased shares will be cancelled.
The average repurchase price, at 110.7p per share, represents a 42 per cent discount to the fund’s latest adjusted net asset value per share of 190p as of 30 September 2012. The accretive effect of the buyback results in a 2.22 per cent increase in MPO’s adjusted net asset value per share.
Following the transactions, the company has 94,929,750 ordinary shares outstanding.
In its ongoing efforts to enhance shareholder value, the board remains actively committed to buying back further shares at attractive levels.
David Hinde, chairman of MPO, says: “Considering the quality of MPO’s portfolio and its unique positioning in Asia’s fastest growing economy, we believe our shares offer outstanding value at current levels. MPO remains entirely committed to enhancing shareholder value through further accretive share buybacks.”