Announcement of Buy-back - Appendix 3C
Perth, May 14, 2013 AEST (ABN Newswire) - Perth based bauxite explorer and developer, Bauxite Resources Ltd (
ASX:BAU) advises that it is implementing an on-market share buyback for up to 10% of its issued capital over the period of 12 months. Based on BRL's closing share price on 10 May 2013 ($0.12) this would equate to a maximum of $2.8 million.
The Board is committed to active capital management, with a focus on ensuring optimisation of value for shareholders. The Board considers that BRL' s current share price does not accurately reflect the strong underlying cash position and value within the company's assets and the share buyback represents an opportunity to add value to the remaining shares on issue.
The buyback period is scheduled to commence on 28 May 2013 (14 days from the date of this announcement). The buy-back does not require shareholder approval.
The timing and actual number of shares to be purchased will depend on market conditions and other future events. A broker will be appointed to manage the buy-back on behalf of the Company. The Board considers that this buyback will not impact the currently planned work programmes for 2013 and 2014.
To view the release, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-BAU-635444.pdf
About Bauxite Resources Limited
Bauxite Resources (ASX:BAU) (OTCMKTS:BXRDF) was established with a substantial tenement holding in Western Australia to develop new bauxite supply for the global alumina/aluminium industry. The Company listed on the Australian Securities Exchange (ASX) in October 2007.
The Darling Range in the south-west of Western Australia (WA) is the world's largest bauxite mining and alumina refining region producing around 20% of the world's alumina. This area has mined bauxite and refined alumina since the 1960s. These industries are leaders in sustainable resource development and represent the fifth largest sector of WA's resource industry.
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