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Crown Resorts to buy back A$400M shares


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Crown Resorts to buy back A$400M shares

Crown Resorts Ltd. plans to repurchase approximately A$400 million worth of its ordinary shares, or about 4.4% of the company's ordinary shares on issue, according to an Aug. 9 announcement.

The Australian casino and gaming company plans to buy back approximately 30 million ordinary shares from Aug. 30, 2018 to Aug. 29, 2019, for the purpose of ongoing capital management.

The company said the purchase price will be based on the closing price of its shares on Aug. 8.

The announcement follows Crown Resorts' decision in June to suspend its on-market repurchase of up to 29,338,419 of its ordinary shares, which it originally announced in August 2017.

The company has a total of 687,421,194 shares currently on issue.