Most unusual for a company that has an on-market buy-back plan in place to put such a large bid into the market, and leave it there.
My thoughts as to possible rationale:
(a) under constant pressure from shareholders to "do something" company has instructed their broker to put the bid in the market (and leave it there) as a means try and give confidence to investors
(b) working on the assumption there is one or two sellers out there determined to quit their holding - Directors would by now have had a chance to go through the register and identify the party. With the knowledge the party(ies) still have a substantial volume to sell the buy-back bid is intended to help soak up the selling.
On balance I favour (b) as, notwithstanding the market is now aware of the size of the buy back order - a fact that would normally instill confidence to buy, seller have again dumped several large parcels. Rather than put an offer in and wait till they get taken out.
Just my thoughts
rationale for buy back order
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Last
1.3¢ |
Change
-0.001(3.70%) |
Mkt cap ! $20.42M | |||
| Open | High | Low | Value | Volume |
| 1.4¢ | 1.4¢ | 1.3¢ | $24.32K | 1.822M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 634748 | 1.3¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 1.4¢ | 150537 | 2 |
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| Last trade - 16.10pm 05/07/2024 (20 minute delay) ? |
| SEN (ASX) Chart |