Tauranga-based national electricity generator and retailer TrustPower is planning to buy back up to two million of its shares.The company said its board has approved an onmarket buyback between November 15 and April 29 next year.TrustPower is 50.4 percent
Tauranga-based national electricity generator and retailer TrustPower is planning to buy back up to two million of its shares.
The company said its board has approved an onmarket buyback between November 15 and April 29 next year.
TrustPower is 50.4 percent owned by listed infrastructure investor Infratil Ltd and 32.9 percent owned by the Tauranga Energy Consumer Trust. That means 16.7 percent of its shares are freely available for purchase on the sharemarket, which is known as a freefloat.
The company has a market capitalisation of around $2.35 billion, according to an investor presentation filed to the NZX today.
Companies typically carry out buybacks of their shares when they consider the market price is low.
TrustPower's shares were trading at $7.32 this afternoon. They have fallen from $7.63 on November 4.
