I am happy about this. I think it was Grubarura who said yesterday 'NMG never said there'd be a share buy back' as it was just 'loose conversation.'
No, there has to be a buyback because the company is minting too many shares. If the company mints shares in lieu of cash bonuses because the company isn't making a profit yet, I get that and accept it. BUT, there has to be a buyback to get the number of shares down.
I don't mind the company beginning this in financial year 2026/27 with say, the purchase of 250mn initially and then 500mn annually but, it has to be undertaken or the dilution stops the share price from growing.
I've been on a sinking ship of minting shares with 88E. It just kept going and going until they got to 18bn shares on offer at one tenth of a cent each. Brokers and analysts would just laugh at it- NOBODY would recommend it as a buy.
NMG Price at posting:
1.5¢ Sentiment: Buy Disclosure: Held
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