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ASX News Update: TEN Completes Retail Shortfall Bookbuild; Sims Metal Announces Share Buyback

ASX News Update: TEN Completes Retail Shortfall Bookbuild; Sims Metal Announces Share Buyback
Nov 18, 2015 By Matthew Dibb

The media company TEN Holdings announced the completion of a retail shortfall bookbuild for approximately 79 million entitlements. Sims Metal Management has committed itself to buy-back 10% of the company’s share capital.

TEN Completes Retail Bookbuild

Ten Network Holdings (ASX: TEN) announced that it has completed the retail component of its fully underwritten 7 for 37 accelerated entitlement offer of new TEN shares. The initial retail entitlement offer had raised $21 million from an issue of approximately 141 million new shares at an offer price of $0.15 per share.

Approximately 79 million entitlements that were not taken up had then been offered for sale under the retail shortfall bookbuild. This offer was extended to ineligible retail shareholders and other ordinary shareholders who did not take up the entitlement initially.

The retail shortfall bookbuild was priced $0.01 above the offer price at $0.16 per new share. The company will refund $0.01 to all the participants of the new bookbuild.  The settlement date for the retail entitlement offer and the retail shortfall bookbuild is 20 November 2015.

Sims Purchases 10% of its Share Capital

Sims Metal Management Limited (ASX: SGM) has announced its intention to commence an on-market buy-back program for up to 10 per cent of the company’s issued capital. The buy-back is based on the closing share price of $7.19 on 17 November 2015. The company will purchase around 20.5 million ordinary shares worth approximately $147 million over a period of 12 months.

The company also announced that it has divested some assets and maintains a strong free-cash flow from operations. According to the company’s CEO, Galdino Claro: “Sims is committed to efficient capital management and delivering improving returns to shareholders. As well, this buy-back reflects the confidence that my executive leadership team and the board has in the outlook of the business, and the attractive underlying value of the operations relative to current market prices.”


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Matthew Dibb Author: Matthew Dibb Nov 18, 2015

Matthew has an extensive track record in equity markets and derivative advisory. Spanning a career in several investment banks and prviate wealth groups including Macquarie Bank, his specialist knowledge relates to capital market advisory and equity market analytics. Matthew has a diploma in Financial Advisory, Applied Finance and is ADA 1 & 2 accredited.

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