Pioneer International Limited

By Intelligent Investor · 24 Apr 1998

By Intelligent Investor ·
24 Apr 1998

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Pioneer International Limited - PNI1

Current price

n/a

Price at review

at (24 April 1998)

All Prices are in AUD ($)

Pioneer International - now that the sale of its stake in Caltex Australia is out of the way, Pioneer's management has wasted no time in putting its consideration of $365 million to work. The company is to buy back up to 88.8 million of its shares on the market over the next six months which suggests a large acquisition is not impending. This scheme will at the very least underpin the stock at current prices and if all shares are purchased the stock will still only have gearing of around 30%. Pioneer is our preferred building materials stock and will be reviewed as part of a building sector review in the next issue.

IMPORTANT: Intelligent Investor is published by InvestSMART Financial Services Pty Limited AFSL 226435 (Licensee). Information is general financial product advice. You should consider your own personal objectives, financial situation and needs before making any investment decision and review the Product Disclosure Statement. InvestSMART Funds Management Limited (RE) is the responsible entity of various managed investment schemes and is a related party of the Licensee. The RE may own, buy or sell the shares suggested in this article simultaneous with, or following the release of this article. Any such transaction could affect the price of the share. All indications of performance returns are historical and cannot be relied upon as an indicator for future performance.

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Pioneer International Limited

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Pioneer International Limited

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