31 August 2015 – Melbourne, Australia - Ansell Limited (ASX:ANN), a global leader in protection solutions, today announces a new capital management initiative to complement its successful full year results for the 12 month period ending 30 June, 2015.
Recognising the strength of Ansell’s balance sheet and ongoing strong free cash flow the Company is today announcing an on-market buy-back program of up to US$100m over the next 12 months.
Ansell intends to conduct the buy back on an opportunistic basis having regard to prevailing share price and market conditions. Accordingly, the timing and actual number of shares repurchased will depend on prevailing market conditions, future acquisition opportunities and other considerations.
Ansell CEO and Managing Director, Magnus Nicolin said: “Providing attractive returns to shareholders through a disciplined approach to capital management remains central to Ansell’s strategy. I am pleased therefore to be able to announce today a new on market share buy-back program. The buy-back will form part of our continued approach to capital management and will complement our ongoing investment in improved manufacturing productivity and a continued focus on identifying strategic acquisitions with attractive returns.”
Ansell maintains a strong balance sheet and has excellent liquidity in the form of cash on deposit and committed borrowing facilities. It does not have any material borrowing facilities maturing before June 2019.
Based on the Company’s closing share price of $21.96 on 28 August 2015, the program of up to US$100m represents the repurchase of up to approximately 6 million shares. The buy-back will be funded from existing cash reserves and ongoing cash generation.
The buy-back will commence no earlier than 15 September 2015.