Healthcare investor Abano today revealed details of its previously-announced $10 million share buyback.
The buyback follows the sale of Abano's ElderCare business to The Macquarie Group for $63.5 million.
Abano will acquire one ordinary share for every six shares held by shareholders for $2.20 per share -- well up ontoday's price of $2.05 (which was up 6c on the news).
Shareholders voted in favour of the sale of the aged-care business on July 6.
The share buyback will open at 5pm on August 5 and run until August 26, unless extended. Abano said the maximum number of shares it will acquire through the offer is 4,517,572.
The Company also plans to mop up any holdings less than the minimum of 200 shares. The maximum number of shares to be acquired under the unmarketable parcels offer is not expected to exceed 10,000.
