Ann: Update - Notification of buy-back - ADA, page-2

The nice thing about ADA share buybacks is that it's so lightly traded they really move the SP. They bought 14,567 on Wednesday, a day when the total volume was only 20k. Meaning 73% of the whole days trading was buyback!

Thanks to:

Listing Rule 7.33 - A company may only buy back shares under an on-market buy-back at a price which is not more than 5% above the average of the market price for securities in that class. The average is calculated over the last 5 days on which sales in the shares were recorded before the day on which the purchase under the buy-back was made.

The wide spread and general lack of market depth severely restricts the number of shares ADA can actually buy back on most days - on the flip side the buyback happens slowly, so unless volumes increase significantly there's a good chance the SP will grind slowly higher in a 'virtuous circle' as the increasing SP pushes up the average price and the buyback works it's way up the queue... The whole Sell side queue is only 76k shares and a chunk of those is just bots responding to others sell orders. The buyback is nominally more than 7m (not that I expect it will come close to that). Unless there is significant news or a Macro event I can see this slowly grinding it's way back to ~1.30 (IMO, obviously and DYOR!)