From the announcement:
I don't think there is a guarantee of at least $2 per share in the buyback. I read this as a rolling 5-day VWAP rather than whatever the VWAP was when the buyback was announced.
So I guess those selling now are figuring today's price is going to be at least 5% better than the 5-day VWAP in a week's time. Unfortunately, if the current rate of decline continues, they will be correct.
Hopefully though the buyback will go some way to counteract the relentless selling and allow the share price to at least consolidate, thereby reducing the amount of follow-on selling (selling just because the price is dropping) and allow buyers to regain some confidence so that the buyback itself doesn't have to do all the heavy lifiting.
From the announcement:I don't think there is a guarantee of at...
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Last
$1.70 |
Change
-0.140(7.61%) |
Mkt cap ! $289.4M | |||
| Open | High | Low | Value | Volume |
| $1.88 | $1.89 | $1.70 | $456.4K | 259.2K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 500 | $1.69 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.70 | 8662 | 1 |
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| Last trade - 16.10pm 24/06/2024 (20 minute delay) ? |
| RAC (ASX) Chart |