They should immediately announce buyback for 10% of the shares and soak up the overhang but nothing is likely to happen before the half yearly in Feb. Until then it's death by a thousand cuts as 19m loose shares are out there and the more the share price falls the more panic sellers come out of the woodwork.
This is the problem with investing in a company that is effectively controlled by the founders. The company is forced to do what is financially suitable to the founders and not minority holders. My guess is the founders don't want a buy back and would prefer the cash to be used to pay dividends so they can take money out of the company without selling shares.
They should immediately announce buyback for 10% of the shares...
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Last
$2.43 |
Change
-0.060(2.41%) |
Mkt cap ! $391.1M | |||
| Open | High | Low | Value | Volume |
| $2.49 | $2.49 | $2.41 | $852.8K | 350.7K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 13014 | $2.43 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.48 | 15885 | 2 |
View Market Depth
| Last trade - 16.10pm 06/05/2024 (20 minute delay) ? |
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Last
$2.41 |
Change
-0.060 ( 2.67 %) |
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| Open | High | Low | Volume | ||
| $2.46 | $2.46 | $2.41 | 20230 | ||
| Last updated 15.59pm 06/05/2024 ? | |||||
| HLO (ASX) Chart |