They bought back 153,445 shares out of a total of 257,751,692 on issue. (And presumably will provide a further notification that these shares have also been cancelled)
That equates to buying 0.0595% of shares on issue in a single day - which also means the value of every remaining share on issue has now risen by the same amount.
Doesn't sound like much? What if they do this every trading day for a year? That would be equivalent to buying back almost 12% of shares on issue, resulting in an increase in value of the remaining shares of 13.6%. (Assuming total market capitalisation remains constant)
I will happily take an increase in underlying share value over the next 12 months of 13.6% generated by such a buyback, along with further potential increases in share value generated by the future profitability of the company, and potential shareholder dividends.
KCN Price at posting:
$1.93 Sentiment: Buy Disclosure: Held
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