Australia's FAR jumps as co plans capital return to investors

FAR

19/06/2023 05:35

** Shares of FAR Ltd  FAR.AX  jump as much as 10.9% to
A$0.815, on track for best day since March 24, 2022
    ** Oil and gas explorer says intends to seek shareholder
approval for a proposed capital return of 40 AU cents per share
    ** Proposed capital return is expected to involve a payment
of approximately $25 mln, thus using a substantial portion of
FAR's cash reserves
    ** Says proposed capital return effectively supersedes the
on-market share buyback, which FAR is terminating with immediate
effect
    ** Stock hits highest level since Nov 17
    ** More than 697,091 shares change hands, 5 times the 30-day
average volume 
    ** Stock down 2% this year as of last close


 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))