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Pacific Current Group Ltd ( (AU:PAC) ) has provided an update.
Pacific Current Group announced the full completion of the Victory Park Capital transaction, expected around 3 February 2025, resulting in additional net cash and stock for the company. The company also proposed an off-market share buy-back of up to 25,000,000 shares, representing about 47.9% of its issued share capital, to return up to $300 million to shareholders. This strategic move follows significant divestments to generate surplus capital and is supported by the company’s largest shareholders, although it requires shareholder approval under the Corporations Act due to its size. The buy-back price is set at a premium, and the transaction is considered fair and reasonable by an independent expert, despite some concerns about fairness in related transactions with major shareholders.
More about Pacific Current Group Ltd
Pacific Current Group Ltd is a financial services company that focuses on investment management. The company engages in various investment opportunities and transactions to optimize capital allocation and enhance shareholder value.
YTD Price Performance: 1.50%
Average Trading Volume: 5,750
Technical Sentiment Consensus Rating: Strong Sell
Current Market Cap: $384.5M
Learn more about PAC stock on TipRanks’ Stock Analysis page.
