By NZPA
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Monday 3rd February 2003 |
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The buyback offer is likely to be made within 60 days and represents about 15 percent of the company's $40 million market capitalisation.
Chairman George Gould said the capital reduction was all about working towards an optimal capital structure.
`If this can be done in a manner that effectively returns cash to shareholders without diluting their shareholdings, then so much the better," he said.
The capital reduction made no difference to the company's intention to seek growth by expansion of existing businesses and targeted strategic acquisitions, he said.
Shares in DT, which was the best performing stock on the market last year, rose to a fresh high of $1.15 today, up five cents on Friday's close. But they eased back to close at $1.13.
The stock rose from 40c at the start of last year and closed at $1.00.
The previously announced intention to undertake an on-market share buyback will not now proceed.
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