Australia's Contango Income Generator eyes best day in 3 mths on buyback plan

Contango Silver & Gold

15/01/2021 02:53

** Shares of investment co  CIE.AX  rise as much as 4.6% to
A$0.680, set for best day since Oct. 19
    ** CIE says it entered a conditional binding term sheet with
shareholder WAM Capital  WAM.AX  and investment manager, Wilson
Asset Management for intended buy-back  urn:newsml:reuters.com:*:nFWN2JP13C
    ** Says will buy back entire WAM shareholding (87.4 mln
shares in CIE) at close of trade on date of shareholder's
approval 
    ** Upon completion of buy-back, CIE intends for general
offer to public to raise additional capital
    ** Stock hits its highest since Dec. 10
    ** ~95,000 shares changed hands vs 30-day average volume of
~49,616
    ** Stock down 3% this year, as of last close

 (Reporting by Vasudha Kaukuntla in Bengaluru)
 ((Vasudha.Kaukuntla@thomsonreuters.com))