Transfield Services (TSE) Share Buyback News

Transfield Services (TSE) Share Buyback News|ASX TSE StocksTransfield Services (ASX:TSE) delivers essential services to key industries in the resources and industrial, infrastructure services and property and facilities management sectors.

A disappointing FY11 result has shaken confidence in the company, and it has been one of the shares to sell in recent months.

Today, TSE announced a 10% share buyback, arguing that its recent stock price fall does not fully reflect the group’s fundamental value.

The buyback will be EPS accretive and will be funded mainly through the proceeds of recent divestments, such as the USM business sale.

It will conduct the buyback no earlier than 20 October.

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