New Hope Corporation (ASX:NHC) board has approved an on-market buy-back of ordinary shares for up to $300M to commence in a fortnight.
Following New Hope?s record earnings results for the full year ended 31 July 2022, its taken steps to strengthen its balance sheet.
New Hope says its current share price doesn?t accurately reflect the underlying value of its assets and the buy-back can enhance the value of the remaining shares on issue, and improve the liquidity of the stock.
It also says it will benefit shareholders as it will reduce the number of shares on issue, supporting its return on equity, earnings per share and dividend per share.