I tend to agree. They were extremely conservative buying back shares in late 2018/very early 2019. They had only purchased about 1% of the share capital (around 33m) and stopped buying whenever the share price traded above $4. In very early Jan 2019, I think they purchased once around the $4.10 mark and that was it.
I actually thought at the time given the strong FCF being generated prior to the Vale disaster mainly due to IO discounts coming in from about Nov 2018, the buyback should had been extremely aggressive. It was an opportunity missed to really tighten the register.
I can’t see the buyback ever being used again
Ann: Extension of Share Buy-back Programme, page-13
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Last
$19.49 |
Change
0.320(1.67%) |
Mkt cap ! $60.00B | |||
| Open | High | Low | Value | Volume |
| $19.06 | $19.51 | $18.92 | $114.2M | 5.891M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1000 | $19.48 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $19.50 | 5200 | 4 |
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| Last trade - 16.10pm 01/11/2024 (20 minute delay) ? |
| FMG (ASX) Chart |