we've just experienced the co waste millions artificially propping up the SP, because the day after it ended, SP fell off a cliff, from 12.5¢ to 7.5¢ in less than a month:
extending the buy back & dramatically increasing its size looks desperate, & is like putting lipstick on a pig, because it would be better to encourage current & new investors to buy shares, using external money, letting market forces determine the correct SP:
then the co's limited cash reserves could be used to grow output organically, or for another acquisition, or for a rainy day given the current tumultuous times, instead of buying back shares, which is the laziest option. boneheaded, actually:
if the CEO honestly thinks SP is cheap, he should throw all of his own money into buying shares, along with the other directors.
unfortunately less & less to like here. multiple things aren't adding up
note: i don't personally hold shares but my family does, i recommended ICI to them
ICI Price at posting:
7.4¢ Sentiment: None Disclosure: Not Held
