"Globe Metals & Mining Limited wishes to advise that the Company continues to undertake the current on-market share buy-back as per the ASX announcement on 25 January 2012."
"The Globe Board reiterates that timing for the decision to buy its own shares on market is discretionary, and that the authorisation period for the buy-back is twelve months. The Company has previously indicated that it will consider buying back shares at up to $0.23 per share."
Uh-huh. The company will consider buying back shares at up to $0.23 per share, but in reality won't buy them back at even 8 cents, one-third of that price.
Was the announcement to the ASX on 11th September deliberately trying to mislead the market? Or simply 'lost in translation' from Mandarin? Maybe '23' and '8' sound similar in Mandarin? I don't know.
If GBE want to cancel the buyback, please advise the market accordingly. But please, don't insult and mislead investors by saying you will consider buying back up to 23, then don't buy a single share back when the price drops substantially below its cash position.
Or was the original '23 cent' statement just designed by ex-directors to support the price, allowing them to exit at a higher price..?
Yaq
GBE Price at posting:
8.0¢ Sentiment: Hold Disclosure: Held
