Sorry mate. You are incorrect. It is indeed an incorrect statement.
You have mention the 50% buy back. A 50% buy back specifically needs shareholder approval. Initially this was sought incase we got an award and the company could then give a capital return in the form of a buy back, instead of a dividend.
The buy back I mentioned is for 10%. This buy back does not need shareholder approval. Keep reading the section you quoted me on and you will find the following...
"If the Company does not obtain shareholder approval, the Board will consider a Buy-Back of up to 10% of its Shares that are within the 10/12 Limit."
So, as I said, the company has the ability do this immediately and chooses not to.
General discussion, page-3295
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$1.28 |
Change
0.020(1.59%) |
Mkt cap ! $327.9M | |||
| Open | High | Low | Value | Volume |
| $1.25 | $1.29 | $1.24 | $1.639M | 1.300M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 11 | 10786 | $1.28 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.28 | 8474 | 9 |
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