The Board of Directors of Planet Metals Limited (ASX:PMQ) authorized a tender offer on December 14, 2012. Under the offer, the company will repurchase its marketable parcel of shares from 941 shareholders. The shares will be repurchased at a price of AUD 0.03 per share. The company will repurchase the shares from the shareholders who own less than 12,501 shares in the company. Upon repurchase the company will cancel such shares. The objective of the offer is to reduce the overall administrative costs of the company. The company will bear all costs and expenses associated with the offer. The repurchases will be made pursuant to the procedure in Section 257B of the Corporations Act 2001 (Corporations Act). The offer will commence from December 14, 2012 and will expire on January 29, 2013. Boardroom Pty Ltd. acted as the registrar to the company for the buyback transaction.

Planet Metals Limited's tender offer expired on January 29, 2013. Under the program, the company repurchased 1,471,563 shares, at a price of AUD 0.028 per share, for a total cost of AUD 0.04 million.