Rushing a buy-back could bankrupt us (eg. putting pressure on the financials, and then some unexpected event happening like accident/shutdown/failure/gold prices falling).
They may very well be cashflow negative right now, until plant 2 is running or grades improve.
They did a raising for a reason. They need the money, and it wasn't easy to get debt for a good price. They actually need to be repaying debt soon (Nucharee).
To do a buy-back now would lead us back to where we started - short on cash, unable to get debt at a good price. Though even if they did announce a buy-back for max 10%, they'd probably only do it in a subdued fashion anyway, like 0.5% total.
Though they're free to search for low cost debt at their leisure. If they found it, then maybe a buy-back could be reasonable, if the plant started to show profit and the SP was seen as undervalued.
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3 | 16571 | 1.335 |
2 | 8582 | 1.330 |
2 | 7500 | 1.325 |
1 | 6500 | 1.310 |
Price($) | Vol. | No. |
---|---|---|
1.355 | 2388 | 1 |
1.360 | 2388 | 1 |
1.365 | 12788 | 2 |
1.370 | 10000 | 1 |
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