companyinsight.net.au: Lastly, I have to ask you about the share buy-back. What is going on there? Why is it delayed? Mark Sumich: All I’ve got to say is don’t blame me. We continue to wait on FIRB, and are not aware what their response will be, or when it might be provided to us. It’s probably worth reiterating the reason for the FIRB application – under the buy-back, Globe will be able to purchase up to 5% of its outstanding stock, which if utilised entirely, would result in ECE’s shareholding in Globe increasing about 2-3%. As a foreign government entity, ECE requires approval for even buying one additional share in Globe (or increasing its % shareholding, such as via an overall reduction in shares on issue). As Globe’s assets are all in Africa, it’s hard to see the national interest angle from the Australian government’s perspective, so we are very hopeful for a positive outcome.
Yaq
GBE Price at posting:
15.5¢ Sentiment: Buy Disclosure: Held
