MightyRiverPower to spend up to $50M on buyback to underpin flagging shares

Wed, 09 Oct 2013

Oct. 10 (BusinessDesk) - MightyRiverPower plans to spend up to $50 million on a buyback over the next 12 months to underpin a stock that has languished since the government sold 49 percent of its holding in an initial public offering in May. The power company will buy up to 25 million shares between Oct. 15 and Oct. 14, 2014, it said in a statement. That amounts to about 1.8 percent of its stock on issue. The shares last traded at $2.20 and are rated a ‘buy’ based on the consensus of seven analysts polled by Reuters, with a median price targe...

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