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יו THORNEY OPPORTUNITIES TOP Date : 3 February 2021 TOP ANNOUNCES ON - MARKET SHARE BUY - BACK On - market buy - back program ASX Code : TOP Thorney Opportunities Ltd ( TOP or Company ) advises that it intends to conduct an on - market share buy - back during the period from 19 February 2021 to 18 February 2022 unless the maximum number of shares are bought back prior to this date or TOP decides to cease the buy - back . Directors and their associates have advised the Company that they do not intend to participate in the buy - back . Capital structure The maximum number of shares which the Company proposes to acquire under the on- market buy - back is up to approximately 16,202,141 . Accordingly , the on - market buy- back is within the '10 / 12 ' limit permitted by the Corporations Act 2001 ( Cth ) and will not require shareholder approval . The number of shares purchased , the purchase prices and timing of the buy - back will depend on the Company's share price and market conditions . All shares purchased pursuant to the buy- back will be cancelled . The Company reserves the right to vary , suspend or terminate the buy- back at any time . Commencement date Under the Corporations Act 2001 ( Cth ) , the earliest that the Company will be permitted to buyback any shares on market is 19 February 2021 , being 14 days from the date the ASIC Form 281 was lodged . Objectives As outlined in various shareholder updates , the TOP share price has consistently traded at a significant discount to its Net Tangible Assets ( NTA ) per share . The Board anticipates the buy- back will be accretive to the NTA and represents a prudent capital management strategy . The Company proposes to fund the share buy - back from existing cash reserves . Notwithstanding funds to be expended for the buy - back , the TOP will still maintain considerable cash THORNEY OPPORTUNITIES LTD ABN 41 080 167 264 Level 39 , 55 Collins St. Melbourne VIC 3000 Australia T