They certainly got a wriggle-on today with 1,851,109 shares (66% of total volume). Whilst the daily totals are up and down, they clearly have stepped up the pace and seem to be making a concerted effort to, if not hit the target, certainly get close to it.
Good uplift for remaining shareholders if they get there. Currently (as at 31/12) 38cps of cash and shares. Ignoring any additional cash added to the balance sheet, if they achieve the buyback, then that increases to circa 41.5cps. Throw in a likely $25m of additional cash this half year and value of cash + equities is likely around 43.5cps.
Eventually (sometime this year per the half year investor briefing) they will likely make some deal announcement that changes the perception and so a healthy re-rate could be on the cards. A re-rate just to cash + equities backing coupled with this buy-back suggests a +40% uplift from these levels is a not unrealistic expectation before year-end.
MGX Price at posting:
31.0¢ Sentiment: Buy Disclosure: Held
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