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Acquisition of Treasury Shares
07/12/2018
Carlos Casado announced this Thursday that it will allocate an investment of $ 9.5 million for the repurchase of shares. The objective of the company is to reduce the gap between the total value of its assets and the market value.
By means of a communication submitted to the National Securities Commission (CNV), the company said that in order to make this decision, the Board of Directors has taken into account that there is a difference between the value of the Company's assets and the trading price of the company’s shares in the market, which does not reflect the value or the economic reality that they have at present or the future potential, resulting in the detriment of the interests of shareholders. Likewise, the Board of Directors took into account the strong cash position and availability of funds of the Company.
Within this framework, the Board of Directors’ of Casado decided to allocate $ 9.5 million for the purchase of treasury shares, which must not exceed a maximum limit of 10% of the company's capital.
Further, among the conditions provided highlights that the daily limit for transactions within the market stands at 25% of the average volume of daily transactions in all the markets in which it is listed.
Thus, the maximum number of shares to acquire will be 520,000 share certificates.
The purchase will be made with realised gains pending distribution.
The maximum price payable is $ 18.
CASADOS’s shares (CADO) closed yesterday at $ 11.70 on the Buenos Aires Stock Exchange, with an intraday rise of 1.74%.
The term foreseen for the purchase of treasury shares is 120 calendar days, starting as from the day following the publication date of the information in the Daily Bulletin of the Buenos Aires Stock Exchange on behalf of Bolsas y Mercados Argentinos SA, BYMA.
Total number of shares outstanding as of 30 November 2018, amounts to 123,200,000 ordinary shares with a par value of one peso.
This methodology has recently been used by different companies to reduce or sustain the price of their shares in the market. Banco Macro, Pampa Energía, Transportadora de Gas del Sur, Comercial del Plata, Cresud and Edenor, among others, call upon share repurchase.