ARN

JB Hi-Fi completes off market buyback

Purchase represents 9.9 per cent of shares on issue

JB Hi-Fi has completed an off market buyback of 10.8 million shares for $173 million.

The purchase represents 9.9 per cent of shares on issue and was at a 14 per cent discount to the market price.

JB Hi-Fi bought back the shares at $16 each, compared with the volume weighted average price for the five days up to May 13 of $18.60.

The company said there was strong demand for the buyback and proceeds were expected to be dispatched to successful participants on May 20.

In March, JB Hi-Fi cut its full year profit guidance due to costs associated with the restructuring of discount electrical retailing brand, Clive Anthonys.

On Friday, JB Hi-Fi shares closed shares closed at $18.20.

Nominations for the 2012 ARN IT Industry Awards open on Tuesday, June 12.

Comments

Post new comment

The content of this field is kept private and will not be shown publicly.
Users posting comments agree to the ARN comments policy.
Login or register to link comments to your user profile, or you may also post a comment without being logged in.
Related Coverage
Related Whitepapers
Latest Stories
Community Comments
Tags: Clive Anthonys, jb hi-fi, share buyback
rhs_login_lockGet exclusive access to ARN's news, research and invitation only events.
ARN Distributor Directory
Find distributors by name | vendor | location
Channel Deals
/deals/aca-pacific/436_receive-15-off-sap-crystal-server-and-designer
ACA Pacific

Receive 18% off SAP Crystal Server and Designer Licenses. Offer Ends June 28th, 2012.

More details »
ARN Vendor Directory
Find vendors by name | category

iAsset is a channel management ecosystem that automates all major aspects of the entire sales,marketing and service process, including data tracking, integrated learning, knowledge management and product lifecycle management.