The largest impediment to a buy-back of this magnitude over the balance of this year would be (I think) the 5% price rule (the buy-back price must not be more than 5% above the average of the market price, where the average is calculated over the last 5 days).
Average daily volume the past few months is about 600,000 shares (occasionally we spike to 1m shares). With our share price stuck in a very tight trading band (30c to 33c since last August), 5% does not offer a lot of wriggle room and certainly 600k+ buy-back shares per day to get to 10% would likely significantly move the market.
So, I suspect whilst the intention is there, we will continue to see a pedestrian pace of buy back unless some one-off trading opportunities present themselves.
So, for the moment I believe the share price is stuck where it is outside of external factors (IO price spikes, AUD collapses) or a news driven event such as a new investment.
However, for those who can remain very patient, I think this stock will eventually prove rewarding (as was the case for those holders through the 2014 to 2016 "doldrums" before the share price took off to peak at $1.30 in 2019).
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mount gibson iron limited
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Ann: Increase in On-Market Share Buy-Back, page-6
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Last
38.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $448.5M |
Open | High | Low | Value | Volume |
37.5¢ | 38.0¢ | 37.5¢ | $165.0K | 436.6K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 101334 | 37.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
38.0¢ | 53824 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 101334 | 0.375 |
2 | 200000 | 0.370 |
3 | 118664 | 0.365 |
5 | 195488 | 0.360 |
3 | 50388 | 0.355 |
Price($) | Vol. | No. |
---|---|---|
0.380 | 53824 | 2 |
0.385 | 1846138 | 9 |
0.390 | 180400 | 7 |
0.395 | 306406 | 4 |
0.400 | 207440 | 14 |
Last trade - 16.10pm 29/07/2025 (20 minute delay) ? |
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MGX (ASX) Chart |