Target $4.61, page-6668

WHC liquidity has substantially increased over the last 10 years.

2008 - 2009 average monthly volume was about 10 million shares, 1% of total shares.
2009 - 2012 average monthly volume was about 50 million shares, 5% of total shares.
2012 - 2016 average monthly volume was between 70 to 90 million shares, 7-9% of total shares.
2012 - 2020 average monthly volume was about 130 million shares, 13% of total shares.
2020 - present average monthly volume is about 250 million shares, 25% of total shares (excluding share buy back)

Comparison on volume traded by other companies 2020 - present..
- NHC traded an average of 50 million shares per month, 7% of total shares.
- BHP traded anaverage of 180 million shares per month, 3.5% of total shares.
- S32 traded an average of 90 million shares per month, 2% of total shares.
- YAL traded an average of 1 million shares per month, 0.8% of total shares.
- CRN traded an average of 120 million shares per month, 0.7% total shares.

Sentiment on this is mixed, some say it encourages a company to withhold bad news on fear of a price drop which ends up causing a greater drop in SP. I see this as a benefit that opens up a buying opportunity more frequently, as we have seen over the last 12 months. WHC management is far from shy when it comes to disclosing bad news.

Flip side of the coin argues increased liquidity supports a higher SP with increased interest from higher capital investors, it especially attracts foreign capital. More players in the game means more demand for the stocks that we hold. If this kind of buying interest continues after the buy back we will see monthly average volume increase from 25% to 27.5%, or 10% of the original calculation.