Up to 20 million shares up for grabs will allow Richard Celarc, (pictured) former managing director to cash in most of his stake in the Hong Kong-controlled company.
The deal, which became live on 8 December, will distribute some of the proceeds from Opus’ sale of Cactus to oOH Media in August. It represents approximately 20.7% of the company and the offer will remain open until 8 December 2017 or until the 20 million shares have been bought back.
The shares are priced at $0.48 each, with the paid up share capital of the company valued at $23,465, 028.44. This will drop to $23 million if all the shares are bought.
1010 Printing, which owns the majority of the company is not intending to sell any of its shares in the buy back. Celarc and his associates own 12.33 million and have voted for the buyback. He has announced his intention to sell over 9 million of the shares, which will net him $4.5 million.
The buy back leaves the book printer clear to focus on its operations. It has already indicated it will not be investing in new presses while it waits to see how nano ink digital technology i.e. Benny Landa, develops.
Located in Yuanzhou, Guangdong Province in South China, 1010 Printing gained control of Opus in 2014 in a virtual firesale. Describing itself as the ‘fastest growing book printer in the Far East it remains one of Australia’s largest book printers with plants in NSW and Victoria.