Gas station automation and vehicle fleet management solutions developer Orpak Industries (1983) Ltd. (AIM:ORPK) last week bought back 4.1 million shares, 12.8% of its share capital, at ₤0.82 per share for a total of ₤3.4 million.
Orpak's share closed on London’s Alternative Investment Market (AIM) at $1.25 on Thursday, giving a market cap of ₤35 million. The share of parent company OR Technologies Ltd. (TASE:ORTC) rose 9.4% yesterday and a further 4.6% in morning trading today to NIS 26.45, giving a market cap of NIS 144 million.
Orpak made the share buy-back through a wholly-owned subsidiary, Del-Pak Systems Ltd. The share will not be cancelled and will be held in treasury.
Trading in Orpak's shares has been thin, which may have prompted the buy-back. Orpak promised the sellers that if it holds an offering overseas during the next three years, the buyers can repurchase the shares at a discount.
Published by Globes [online], Israel business news - www.globes-online.com - on January 4, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010