Austar Starts Share Buyback Program
[Satellite Today 12-19-08] Austar United Communications, the Australian satellite pay-TV operator, has initiated a share repurchase program, the company announced Dec. 19.
Earlier this year Austar repurchased 46.3 million shares between April and June, As a result, the maximum number of shares that could be purchased by Austar between now and the end of April would be about 80.3 million..
“The volatile market conditions have resulted in share price levels that significantly undervalue the Austar business. Based on the strength of our current and future cash flows and the current share price, it makes sense for us to re-enter the market and buy back stock,” John Porter, Austar’s CEO, said in a statement.