Kingston Properties Limited (KPREIT) has advised that the Board of Directors of KPREIT has authorised a buy-back of up to one percent (1%) of the Company’s shares in issue for up to two years following the expiry of twenty-one (21) days from the date of notice to the Jamaica Stock Exchange.
The repurchase of the shares will be conducted on the open market through KPREIT’s stockbrokers. KPREIT’s cash flows will be the source of funds for the repurchase of shares.
KPREIT also advises that it will not be setting a fixed price for the share repurchase. Instead, the price for the acquisition of the shares will be the market price at the times of the repurchase. The Company also reserves the right to decline any offer above the ceiling that KPREIT may from time to time determine in its sole discretion.
In keeping with the requirements of the Companies Act of Jamaica, within 30 days of the dates of the repurchase of shares, KPREIT will advise its shareholders of the details of the share purchased.
KPREIT’s Board of Directors sees this use of capital as an opportunity to enhance shareholder value through the purchase, from time to time, of undervalued shares.
