Yes, kudos to the BoD for managing our funds frugally by buying back at a low price.
I would much rather they buy back at a low price rather than go in there like there is no tomorrow which would likely only produce a temporary spike in the share price . . . which would benefit passing by opportunistic traders. . . and not the long term faithful holders. To this extent I 100% applaud the BoD.
However, when examining the volumes traded each day, I do see many days where there was room where the broker could have bought back significantly more at the same low price.
The big problem is that although the intent is to frugally buyback at the lowest price, the BoD, who even described themselves as opportunistic, are missing the opportunity to buy back more at the current temporary low price because the share price will soon be rising again due to the switch is now completed with strip ratio now less than 2:1, cyclone season is over and we are once again back on track for resumption of rapid cash build (as stated by Peter Kerr).
MGX Price at posting:
30.5¢ Sentiment: Buy Disclosure: Held
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