This is one of the more blatant stand-over tactics that a LIC could perpetrate.
Suppress the share price with a buy back. Implement an SPP and not a rights issue at a value destroying price. "Pay us more money or watch your investment value be destroyed"; "with the added sting that if you happen to have a significant holding you will lose value regardless of how much we force you to pay".
This is a LIC - it is not a commercial operation with debt to lower or a mine to build. The only beneficiaries of this tawdry tactic are the fund managers.
The share price action in the period before the announcement merits investigation.
These guys have a lot of questions to answer!
Ann: Share Purchase Plan , page-9
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Last
47.5¢ |
Change
0.010(2.15%) |
Mkt cap ! $64.06M | |||
| Open | High | Low | Value | Volume |
| 47.0¢ | 47.5¢ | 47.0¢ | $20.45K | 43.29K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 45443 | 47.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 48.0¢ | 108784 | 3 |
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| Last trade - 15.48pm 06/11/2024 (20 minute delay) ? |
| NSC (ASX) Chart |