The only reason I can see for PME buying back shares is that they consider them cheap compared to investing the money into the business or potential takeovers etc.
The Founders have been under some slight pressure to sell down some of their shares to improve Market liquidity - buybacks (and the shares get cancelled) slightly reduces liquidity although given the share price they are unlikely to be buying back enough to make a huge difference.
Ann: Update - Notification of buy-back - PME, page-9
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Last
$130.88 |
Change
1.470(1.14%) |
Mkt cap ! $13.66B | |||
| Open | High | Low | Value | Volume |
| $129.80 | $130.88 | $128.40 | $27.87M | 214.1K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1307 | $130.73 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $130.88 | 40 | 1 |
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| Last trade - 16.10pm 05/07/2024 (20 minute delay) ? |
| PME (ASX) Chart |