The buyback has started. MMJ bought 300K yesterday. High 24.5 / Low 23.5. 9.7M to go. The notice indicates that the highest price allowed under rule 7.33 is 25.5 cents.
For those like me who don't know what rule 7.33 is, here you go:
Purchase price under on-market buy-back 7.33A company may only buy back shares under an on-market buy-back at a price which is not more than 5% above the +volume weighted average market price for +securities in that +class,calculated over the last 5 days on which sales in the shares were recorded before the day on which the purchase under the buy-back was made.Introduced 01/07/96 Origin: Listing Rule 3V(7)(b)
MMJ Price at posting:
24.0¢ Sentiment: Buy Disclosure: Held
