This is really, really excellent news. Management made us wait but doing a buyback while the price is at 5 year lows is exactly when you want to be doing it to get the most shares for the least cost. It will take a few weeks to get up and running but then 12 months of buying shares in this company will make a big difference. 50 million shares on issue is nothing for this type of company and removing 1.5 million of them is going to make a tangible benefit to all remaining holders as there is less shares to spread profits/dividends amongst. EPS is going to be higher forever with those shares removed.
They have done the right thing by keeping it simple with an on-market buyback. Off market would not be so good. Broker selection for who is going to run the program will be very interesting. Shorters have controlled the narrative for a long time here, hopefully over coming months that changes as the buyback gains traction and the good news flow continues. This buyback gives peace of mind that value will finally be extracted for shareholders by this very profitable company.
All IMO DYOR
This is really, really excellent news. Management made us wait...
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Last
$14.57 |
Change
-0.420(2.80%) |
Mkt cap ! $730.3M | |||
| Open | High | Low | Value | Volume |
| $15.02 | $15.20 | $14.56 | $799.8K | 54.61K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 304 | $14.57 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $14.63 | 1 | 1 |
View Market Depth
| Last trade - 16.10pm 26/04/2024 (20 minute delay) ? |
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Last
$14.61 |
Change
-0.420 ( 3.01 %) |
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| Open | High | Low | Volume | ||
| $14.78 | $14.85 | $14.57 | 4835 | ||
| Last updated 15.59pm 26/04/2024 ? | |||||
| CUV (ASX) Chart |