ANNUAL RESULTS
Quantum plans to extend buyback
Shareholders approve the repurchase of Quantum shares in ‘the cheapest investment for the company’
Agribusiness Quantum Foods — which specialises in poultry, eggs and animal feeds — will look to buy back more of its own shares on the open market.At an investor presentation on Thursday CEO Hennie Lourens said repurchasing Quantum shares was the cheapest investment the company could make."The board will consider and deal with this issue. We have approval from shareholders to buy back shares."He said Quantum had already spent R4m on buying back its own shares in the past financial year.Quantum finished a tough financial year to end-September with headline earnings of 28c per share and a declared dividend of 6c per share. This was well down on the 54c per share earnings and 10c per share dividend in the 2015 financial year.The latest results mean the Quantum share is trading on a trailing price:earnings multiple of less than 10 times, and also at a substantial discount to tangible net asset value of about 680c per share.But share buyback opportunities will be somewhat limited by Quan...
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