CIR 0.00% 31.0¢ circadian technologies limited

nta - buy back & other info.

  1. 635 Posts.
    This announcement sure put a rocket up the back side of CIR. Up 25% today.
    CIR has been grossly undervalued for some time.
    In the current biotech market this is a good use of company funds and a smart move by the directors.
    -----------------------------------------------------

    Company Announcement

    On-Market Buy-Back

    CIRCADIAN TECHNOLOGIES LIMITED 2003-04-08 ASX-SIGNAL-G
    HOMEX - Melbourne
    +++++++++++++++++++++++++
    The Board of Directors of Circadian Technologies Limited has reviewed
    the market value of the Company's tangible assets, including its
    holdings in listed companies and cash. As at close of trading on
    Monday 7 April, the value of these assets was as follows:

    HOLDINGS AND CASH SHAREHOLDING PORTFOLIO VALUE
    % $'000 $ PER CIRCADIAN
    SHARE

    Metabolic Pharmaceuticals 34 35,100 0.85
    Axon Instruments 15 13,230 0.32
    Optiscan Imaging 8 2,198 0.05
    Antisense Therapeutics 32 *5,849 0.14
    Amrad Corporation 22 11,871 0.29
    Cash 16,400 0.40
    Total 84,648 2.05
    * Including listed options

    The current market value of the company's listed share portfolio and
    cash is $84.6m, equating to $2.05 per Circadian share. The current
    Circadian share price of $1.10 (closing price as at 7 April 2003)
    represents a 46% discount (96 cents per share) to this value.
    Circadian has no borrowings.

    This analysis does not take into account the value of Circadian's
    significant portfolio of research projects, intellectual property and
    its holdings in the unlisted entities, Syngene Limited and
    CancerProbe Pty Ltd.

    The directors have resolved to initiate an on-market buy-back of up
    to 4,138,961 shares, representing 10% of the Company's outstanding
    shares.

    Given the disparity between Circadian's share price and the value of
    the Company's tangible assets, the Board considers the buy-back to be
    an appropriate application of a portion of Circadian's cash reserves
    at this time and to be in the best interests of all shareholders.

    The buy-back will not commence until after the end of the statutory
    14 day notice period starting from the date of lodgement of the ASIC
    Form 281 which was sent today for lodgement.

    The Board has appointed Salomon Smith Barney Private Clients Pty Ltd
    to act as broker to the buy-back.

    A completed Appendix 3C as required by ASX Listing Rule 3.8A is
    attached. ASIC Form 281 has been sent today for lodgement with ASIC
    and is expected to be lodged tomorrow.


    N Korchev
    COMPANY SECRETARY



    APPENDIX 3C
    ANNOUNCEMENT OF BUY-BACK
    (EXCEPT MINIMUM HOLDING BUY-BACK)

    Name of Entity
    Circadian Technologies Limited

    ACN or ARBN
    32 006 340 567

    We (the entity) give ASX the following information.


    INFORMATION ABOUT BUY-BACK

    1. Type of buy-back On-market

    2. Class of shares which is Ordinary
    subject of the buy back
    (eg, ordinary/preference)

    3. Voting rights One for one
    (eg, one for one)

    4. Fully paid/partly paid (and Fully paid
    if partly paid, details of
    how much has been paid and
    how much is outstanding)

    5. Number of shares in the 41,389,618
    class on issue


    6. Whether shareholder approval No
    is required for buy-back

    7. Reason for buy-back As described on the first two pages
    of this announcement (preceeding
    this Appendix 3C), given the
    disparity between Circadian's share
    price of $1.10 (closing price as at
    07/04/2003) and the value of the
    company's tangible assets of $2.05
    per share, the Board considers the
    buy-back to be an appropriate
    application of a portion of
    Circadian's cash reserves at this
    time and to be in the best
    interests of all shareholders

    8. Any other information -
    material to a shareholder's
    decision whether to accept
    the offer (eg, details of
    any proposed take-over offer
    or announcement)

    ON-MARKET BUY-BACK



    9. Name of broker who will act Mr Don Smith
    on the company's behalf Salomon Smith Barney Private
    Clients Pty Ltd
    Phone: 08 9288 9282

    10.Name of each director and -
    related party of a director
    who reserves the right to
    sell shares, and number of
    shares in respect of which
    that director or related
    party reserves the right

    11.If the company intends to 4,138,961 shares, representing 10%
    buy back a maximum number of Circadian's outstanding shares
    of shares - that number

    Note: This requires a figure
    to be included, not a
    percentage.

    12.If the company intends to Commencing: 24/04/2003
    buy back shares within a Concluding: 23/10/2003
    period of time - that period
    of time; if the company
    intends that the buy-back
    be of unlimited duration
    - that intention

    13.If the company intends to -
    buy back shares if conditions
    are met - those conditions


    EMPLOYEE SHARE SCHEME BUY-BACK

    Items 14 to 15 are Not Applicable


    SELECTIVE BUY-BACK

    Items 16 to 18 are Not Applicable


    EQUAL ACCESS SCHEME

    Items 19 to 22 are Not Applicable


    COMPLIANCE STATEMENT

    1. The company is in compliance with all Corporations Law requirements
    relevant to this buy-back.

    2. There is no information that the listing rules require to be
    disclosed that has not already been disclosed, or is not contained
    in, or attached to, this form.

    N Korchev
    COMPANY SECRETARY


 
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