19 October 2011
DUPD (LSE: DUPD LN, N/R) shareholders will vote on buying back 9.1 mln ordinary shares (around 7.7% of DUPD’s statutory fund) at an EGM scheduled for November 19, 2011, the company reported in a press release yesterday. The buyback is to take place at GBP 0.01 (USD 0.02) to GBP 0.35 (USD 0.55) per share. DUPD said all shares purchased under the program would be cancelled as required by Isle of Man law and would not be held as treasury shares. DUPD said the transaction would help maximize shareholder value in the long term by taking advantage of the current market environment where its current market price, GBP 0.34 (USD 0.54) is significantly lower than the net asset value per share, USD 2.49 as of June 30, 2011.