360 Capital FM Limited (ASX: TCF), the entity responsible for 360 Capital Mortgage REIT, announced that initiating an on-market unit buyback would be crucial before unitholders vote on the proposed resolution to implement a six-month buyback mechanism. This buyback is part of the Fund’s capital management initiatives, and if determined to be in the best interests of the Fund’s unitholders, it may significantly reduce the discount between its ASX trading price and the Fund’s NAV.
The Fund plans to repurchase up to 413,067 units, which represents approximately 10% of the Fund’s units on issue, and this will be funded from the Fund’s available cash. Additionally, it is diligently preparing a Notice of Meeting for unitholders to consider a proposal allowing TCF to provide six-monthly buybacks at NAV. The company is committed to enhancing the value of the Fund for its unitholders and believes this buyback initiative is a significant step in that direction.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
