360 Capital Mortgage REIT (ASX:TCF) buyback announcement

360 Capital Mortgage REIT (ASX:TCF) has announced the initiation of an on-market unit buyback, aiming to repurchase up to 10% of its issued capital. The buyback is intended to precede unitholders' voting on the proposed resolution to implement a six-monthly buyback mechanism.

Executive Commentary

The on-market buyback is part of our capital management initiatives and may help reduce the trading price discount compared to the Fund's NAV. We are preparing a proposal for unitholders to consider a six-monthly buyback mechanism at NAV, with full details to be provided in the upcoming Notice of Meeting. The buyback will be funded from the Fund's available cash, and we have appointed Morgans Financial Limited to undertake the buyback.

Summary of 360 Capital Mortgage REIT's Buyback Announcement

360 Capital Mortgage REIT (ASX:TCF) has initiated an on-market unit buyback, intending to repurchase up to 10% of its issued capital. The buyback is part of the Fund's capital management initiatives and aims to reduce the trading price discount compared to the Fund's NAV. The responsible entity is preparing a proposal for unitholders to consider a six-monthly buyback mechanism at NAV, with full details to be provided in the upcoming Notice of Meeting. The buyback will be funded from the Fund's available cash, and Morgans Financial Limited has been appointed to undertake the buyback. Investors can find more information on the ASX's website using the Fund's ASX code 'TCF', on the Group's website, or by contacting the investor enquiry line or emailing investor relations.