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Moelis share buyback paves way for acquisitions

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

Moelis Australia will cease to be a foreign company nor require FIRB approval on acquisitions after its NYSE-listed parent company reduced its holding to 19.98 per cent. In a trading update on Tuesday (3 September), ASX-listed Moelis Australia Limited revealed that it has entered into a binding buyback agreement with US-based Moelis & Company (M&C) to purchase eight million Moelis Australia shares from M&C via a selective buyback at a price of $3.40 per share, or $27.2 million. This represents approximately 5.1 per cent of Moelis Australia’s issued share capital and will be subject to shareholder approval at an EGM to be held in the coming months.

In conjunction with the buyback, M&C has sold 12.5 million Moelis Australia shares at $3.40 per share to public market investors and the Moelis Australia Employee Share Trust. The Employee Trust acquired two million shares from M&C to satisfy prior and future period share grants to Moelis Australia employees under the terms of its equity incentive plan. M&C’s share sale represents approximately 8.0 per cent of Moelis Australia’s issued capital prior to the buyback.

The rest of this article can be found at investordaily.com.au.

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