Peter Kerr has given guidance of increased shipping whilst maintaining a low strip ratio.
Peter Kerr has also given guidance of further cash build.
Considering the above it would seem the SP will rise along with further cash build.
With a rising SP it seems as the buyback has not been opportunistic so far with only 2.7% in 28 weeks. There have been plenty of cheap shares on offer in the past 28 weeks that could have us closer to a target of 10%.
Extending the buy back period only makes the buy back less effective as the SP rises.
Peter Kerr stated that the buyback was the decision of the BoD to reward shareholders after the BoD considering paying an unfranked dividend. With the lack lustre performance of the buy back so far it appears the BoD are reneging on their statement to reward shareholders.
MGX Price at posting:
33.5¢ Sentiment: Buy Disclosure: Held
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