FOSTER’S COMPLETES $100M SHARE REPURCHASE
Foster’s Group completed a $100 million on-market share buyback this week, acquiring 0.8% of its issued capital (15.9m shares) at an average $6.27 per share. The transaction follows a $250 million off-market share repurchase in October and $400 million in April.
“We expect capital management to remain an ongoing feature of FGL however nothing further is scheduled for FY08,” said UBS in a note.
In addition, the firm said it expects news of a CFO appointment although Foster’s is not pressed for time since Pete Scott is available to carry on services into next year.
“We understand that a short list of internal and external candidates is under consideration. We view an external appointment as a bigger potential stock catalyst,” UBS continued.
“We expect capital management to remain an ongoing feature of FGL however nothing further is scheduled for FY08,” said UBS in a note.
In addition, the firm said it expects news of a CFO appointment although Foster’s is not pressed for time since Pete Scott is available to carry on services into next year.
“We understand that a short list of internal and external candidates is under consideration. We view an external appointment as a bigger potential stock catalyst,” UBS continued.
posted at 1:03 PM
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