Elders Limited (ASX: ELD) announced that its wholly - owned subsidiary Elders Finance Limited, will acquire on market and at its discretion, more or less than $30m of Elders Hybrids at a price up to (and including) $80 per $100 face value of its hybrid security. The securities were issued in 2006, but due to market conditions and Elders financial position (distributions ceasing in June 2009) the market price has been severely depressed and the security has been illiquid.
Elders CEO , Mark Allison , said "this forms part of Elders' plans to simplify its capital structure "
The securities closing price at 13th August 2015 was $74.30 . As the offer is on a "first-come first-served " basis, investors are advised to act quickly and accept this offer as the security does not pay distributions and is a perpetual i.e no maturity date.
