I wouldnt put that much of a weight on the buyback.
Simple maths:
Buyback was supposed to start on 1 June.
The first Appendix 3E was lodged 21 June, so took 3 weeks to get out of the gates.
To date (19 July) they bought back 843'000 shares.
Total shares on issue 319'763'593.
If we assume the trend continues, they buy back about 0.26% of shares on issue per month.
Even if they buy back at 15% discount, the monthly NTA boost will be truly miniscule.
I think we can officially call it a Clayton's buyback.
PS happy to be corrected on the maths as i'm no Einstein.
CDM Price at posting:
77.0¢ Sentiment: Sell Disclosure: Held
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