Mercury to buy back up to $50M of shares, citing excess balance sheet capacity

Tue, 01 May 2018

By Tina Morrison May 2 (BusinessDesk) - Electricity generator and retailer Mercury NZ will spend as much as $50 million buying back some of its shares, enabling it to return capital to shareholders and rebalance its capital structure. Mercury will buy up to 20 million ordinary shares on the NZX main board between May 7 and June 30, which will be held as treasury stock, the company said in a statement. The buyback will bring the company's gearing levels close to two times for debt to earnings before interest, tax, depreciation, amortisatio...

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