Rio Tinto mid-way through share buy-back
September 5th, 2010Rio Tinto says it is mid-way through a share buy-back program that is designed to simplify its dual listed structure.
The mining giant early last month agreed in principle to buy back all of the Rio Tinto shares held by Tinto Holdings, a wholly owned subsidiary of its London Stock Exchange-listed Rio Tinto plc.
Later that month, Australian stock exchange listed Rio Tinto completed the first tranche of the buy-back with the acquisition of 150.43 million of its shares from Tinto Holdings at a price per share of $69.27.
“Those shares have subsequently been cancelled,” Rio Tinto said in a statement.
“The remaining 20,635,155 ordinary share are likely to be bought back later this month.
“It should be noted these internal capital management transactions do not affect the number of shares held by public shareholders.
“The shares will be cancelled after the buy-back is completed.”
Rio Tinto’s shares on the ASX closed up $1.21, or 1.64 per cent, at $75.00.