Mayne Pharma Group (ASX:MYX) has announced it's cancelled the proposed pro rata capital return as it is no longer believed to be in the best interests of the company or its shareholders.
The Board believes it is prudent to retain an appropriate balance sheet to support the business while continuing to assess the appropriate capital structure.
Mayne Pharma Group says the decision is disappointing to some shareholders, however, the company is confident that the successful execution of its strategy will return the company to profitability and restore value for shareholders.
The Group's share price closed up almost 19% today.