The announcement states that the $6.5m is at the last traded share price.
Reading the reserves report though the company thinks the fair value of its assets is around 5cps. So I'd expect the company to buy stock up to that kind of level depending on what cash they have spare. They have given themselves until Christmas to do that.
Personally I think we'll get a sugar hit of activity today then the price will probably settle back to 1.5-1.8c. The quarterly will look bad on first blush because of shutdowns during the quarter. But June should burst with Wolfpack operating.
31/7 when that quarterly is due I can see 4-5c.
Ann: On-Market Share Buy-Back, page-33
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