Thought I would have a quick look at their pace of buy-backs. The chart below shows the daily buy back volumes since 1st Nov:
There has been a marked increase in daily volume since the increased buy back was announced:
Daily Average November = 227,195 shares (2 largest days were 604,500 shares followed by 463,780 shares - knock those out and daily average was only 86,269 shares).
Daily Average December = 292,103 shares
Daily Average January = 144,312 shares
Daily average since Buy Back increased (so from 20 Feb) = 475,982 shares.
Not saying that they will hit their 10% target this year, but they have certainly upped the pace.
MGX Price at posting:
29.5¢ Sentiment: Buy Disclosure: Held
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