Hi Venom, not much spent by the company for a large pick-up in the share price, although not quite the 5% in a day I was hoping for! Not sure why they bought so little stock, as the price will only go up from here in the face of such a large potential buyback, you would think.
The broker can't bid more than 5% above the 5 day volume weighted average (rule 7.33), but this will go up fairly sharply based on the recent uptick in share price. How the broker handles the buyback I guess depends if the broker is meant to be i) pushing up the stock price or ii) acquiring as much stock as cheaply as possible (as a shareholder you'd expect it to be the latter though!).
CIM Price at posting:
$32.36 Sentiment: Buy Disclosure: Held
