Stockland will sell shares in Moorebank to increase repurchase rate
Matthew Quinn, general manager of the Stockland Group, pointed out that the increase in the repurchase ratio from 2011% to 8% in August 5 will be achieved through an ongoing divestiture plan, which includes 10% of Moorebank Industrial Real Estate Trust. The equity was transferred to its partner Qube Logistics.
Stockland said that so far, the company has repurchased 1.13 million of the company's securities, accounting for 4.75% of its issued share capital, with an average price of 3.02 Australian dollars per share. Quinn said: "We believe that the current trading level of our company's securities in the market cannot truly reflect our company's current value and our development prospects."
He also pointed out that the sale yield of the A$1.23 million Moorebank equity was 7.5%, but it was 1000 million A$ less than the par value. This also reflects the long-term nature and complexity of the project, which is inconsistent with Stockland's development strategy. of. (Wendy)