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807 Posts.
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22/06/11
11:24
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sohoisnotforsale
I do recall the buy back prior to the Jorc, is lasted from Sept 09 to Sept 10. The highest price paid was $5.71 and the lowest was $1.98.
That raised $52 million dollars in June 2009 at $2.50.
They bought back $11 million dollars worth of stock from the market at an average price of $3.84.
Dundee was the major subscriber to the issue who eventually sold out for an average $5.53.
Azure Capital where once again advisers to the issue.
I fail to see where this is bad capital management. However, I understand your concern that the money is not spent on development as is the "norm".
A stable share register, long term shareholders, limited shares on issue are just as important to shareholder value as holes in the ground.
Cheers
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