There are rules to buy back of shares and I am not entirely convinced that they could do it legally without valid reasons - what those reasons are, like everyone I have no idea what they are and whether they can push this through but thats another story.
So KCN can only buy 10% back a year which is probably why they have opted to go for the maximum. they would need an agressive 6 months to buy back those shares. With 22m Aus and a 15m loan faciility in place they have cash but to spend that on buying back shares is a bit strange.
Also they can only buy a max back of 2% every 30 days.
It doesn't quite add up really and I am not overly convinced that the current BoD is in complete control. The last ANN on the Thai gov seemed wishy washy and vague and I personally wasn't convinced thats talks were going well. I believe actually quite the opposite. The co is at the bottom of the market and they have a co who's clearly buying in to this weakness.
I think its a ploy to deter any more buyers. However, I think the KCN BoD are acting a little desperate and trying to cling on to a sinking ship. This in my opinion needs new management and without it we will never see chatree again.
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