As well as doing it with their own money, they should also do it with the company's money.
Current cash and bullion of about $270m (as per Financial Results from 31 August - 25 days ago).
We are down about 27% from when we did the raise at $2.70 for Tropicana.
A $100m buy back at $2.20 would take ~45.5m shares off the register, which would be about a 6% of the current shares on issue.
They paid $30m less than they expected for Tropicana, so it would effectively only be a $70m buy back.
Obviously with prices where they are, they would likely get a lot of shares for less than $2.20, so they would remove more than 6% of the shares from the register.
AUD Gold price Currently at $2390, but has spent the majority of the last 3 months comfortably over $2400
Shorts are still quite small And this shocker
RRL Price at posting:
$1.97 Sentiment: None Disclosure: Held
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