Just over 31,000 shares bought back from June 23-25

Real estate investment company Eppley Caribbean Property Fund Limited has bought back 31,796 shares on the open market during the period June 23-25, 2021 on the Jamaica Stock Exchange, where its shares are traded.

The shares were purchased under the company’s value fund – Share Buy Back Programme. They were purchased via the company’s stockbroker, NCB Capital Markets Limited.

Eppley, which is the largest listed real estate mutual fund in the Caribbean and trades on the Barbados and Trinidad and Tobago stock exchanges, has advised that the purpose for the purchase was to unlock shareholder value by purchasing at a price that is at a significant discount to its book value per share.

AIMING TO PURCHASE ANOTHER 1M SHARES

This move is consistent with Eppley’s strategy, previously disclosed in its prospectus and recently released annual report. The source of funding was cash on the company’s balance sheet.

Our Today reported on December 5 last year that, since February of that year, Eppley had bought back just over 560,000 shares, which were repurchased on the open market via its broker, NCB Capital Markets Limited.

Eppley intends to purchase up to an additional one million shares on the open market from time to time.