Surprise, surprise with the buyback closing in 2 trading days one of the Fat Prophets insiders decided to do a little market making. With T+2 settlement, after today you can't participate in this buyback.
- So they sold through all buy orders from $1.12 down to $1.07
- Then left a lazy $300k up to soak up any buys
- Added a $200k bid at $0.765 raised eventually to $0.805 to sit above the lowballers. Nice market-making spread of 33%!
Remember there has never been proper disclosure as to how to use the monthly FPC NTA figures with a worked example to show what the buyback exit value will be in relation. (Just the outrageously misleading and opaque $1.50 figure I noted above)
Contrast this with Antipodes who provided a very clear example using actual, dated NTA figures and updated this on a live website (no longer up) but you can see their example here:
https://antipodes.com/listed-funds/antipodes-global-shares-quoted-managed-fund-asx-agx1/Anyway, here's the punchline. If a lot of retail participated, then the max value you'll be getting for your ~$1.26 FPC Pre-tax (plus several cents franking undisclosed) may not be looking good. Or else, they actually closed the buyback yesterday, all the insiders participated and the buyback price is going to be bumped high leaving crumbs for the remainers. Will be interesting to see how this turns out.
(20min delay)