Saltocan, you have mis understood. Not a share buy back - but buy back the company (takeover) the remaining 54% he does not own. This will cost him sweet nothing- $5m at say 2c- and getting cheaper & cheaper -(ala Kerry Packer & Channel 9 with Bondy)
As an example using audited shareholders funds:
Fact: he listed the company with 54% in 2013 - Audited share holder funds were $43m ( 31 Dec 2013) - his 54% = $24m
Fast forward to now - he has sold 9% reaping just over $1m- now owns 46% with audited net assets of $63m (30 June 16) his worth = $29m-
Market cap here in Australia a measly $8m -100%.
So with all the assets in his own country - cash, property, etc total net assets are worth $63m- so he can effectively pick up gross $34m by spending apossible measly $5m taking out the rest of company and be way way ahead than when he originally listed- SBB would be 100% fully owned by him.
All he would needs is access to the funds to do so- here in Australia.
SBB Price at posting:
1.7¢ Sentiment: Hold Disclosure: Held
