This is a side-issue, not related to the core activities of the company, but even so...
Is it just me, or is the FIRB incredibly slow in dealing with this trifling matter of GBE's buyback?
17th February: "... [GBE] lodged its application to undertake an on market buy back with the Foreign Investment Review Board (FIRB), together with a separate application from ECE."
3rd April: " [GBE] advises that FIRB has received our application, and the process for approval is underway. At this stage FIRB could not advise a completion date, however Globe will update shareholders as soon as this approval has been given.
> My question is, WHY did it take the FIRB over a month to acknowledge that they have received GBE's application?
30th April: "To date, FIRB has not advised of an expected completion date, however we will update shareholders as soon as approval has been given." GBE seems confident approval will be granted - not if but when.
TODAY, 10th May. Still no news, almost 3 months after the application was lodged...
I understood that the FIRB was trying to streamline processes, particular when the amounts involved were small. Due process is one thing, but this red tape just slows down investment.
Hopefully, soon, we should hear from the company about the approvals been granted!
Yaq
GBE Price at posting:
16.0¢ Sentiment: Buy Disclosure: Held
