Australia's Veris eyes best day in nearly a month on buy-back announcement

Veris

08/06/2022 06:06

** Shares of Veris Ltd  VRS.AX  climbs as much as 3.1% to
A$0.066, their sharpest intraday jump since May 12
    ** The aerial data services provider announces on-market
share buy-back for up to 10% or about 52.3 mln of co's shares
over the next 12 months  urn:newsml:reuters.com:*:nASX7LyVKW
    ** Consider buy-back to be the best use of the co's funds in
light of the prevailing share price and its capital funding
requirements - VRS
    ** Also says Veris Australia's secured forward workload has
risen and is now in excess of A$56 mln ($40.31 mln) to be
executed over the next 12 months
    ** Says it is of view that recent share price trading levels
do not reflect the underlying value of Veris' national digital
and spatial operating platform
    ** Stock touches its highest levels since May 31
    ** About 1.6 mln shares change hands, compared with the
30-day average volume of 293,000 shares
    ** VRS up nearly 19% this year, as of last close

($1 = 1.3891 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))