Clutching for straws, aren't we? Not to worry JDudley...they will be buying at the rate of 12 cents several weeks and months from here on. There is no shortage of sellers out there. You, JDudley, will have the pleasure of buying BRL shares many months into the future...at not much different prices than where we are at right now. Here are the numbers.
BRL is buying at a maximum rate of about 400,000 shares a day. That is about 2 million shares a week if they start panicking, but it looks more like 1 million shares a week so far. They are taking your advice, and waiting on the bid only. The share price has moved a grand total of 1 cents since they actually got around to buying back shares. At first the market may have been fearful of selling, given the demonstrated ongoing buybacks...but the market seems to be losing its fear of selling into this buyback.
Unfortunately, that share buyback is beginning to look positively stingy, given the fury of selling that is now emerging. Mr Market does not seem to care about BRL valuations, or your sentiments, or the buybacks or the coking coal price or whatever you want to claim as reasons to hold BRL. It has decided to get the hell out of BRL while there is still a bid. And in case you think there are 75 million shares to buy...well, the Singapore masters have most likely reserved the last 15 million shares for themselves...just in case the market does not like the likely adverse court decision in a few months time.
BRL once again seemingly lied to us, by telling AGM attendees that there would be a video presentation of something. Perhaps people who attended the AGM can actually confirm that BRL really told everyone that there would be a video recording...or whether this is someone's "he said she said" imagination run wild.
200 day moving average comes in at 13.5 cents. So on average, anyone who bought during this year, is a potential tax loss seller.
Time is starting to run out for BRL's wretched management. Mr. Market is calling their bluff...it is increasingly unconcerned about their buybacks. Good luck to all shareholders.
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