That buyback idea won't achieve anything except squander our precious cash reserves. Buybacks generally only work for profit-making enterprises who wish to re-invest directly back into the company with funds that are thrown off from operational profits. We don't fall into that category.
To put some real numbers behind it, a $20m buyback @ (say) 5c buys back 400m shares, which would reduce the total shares issued from 2,643m shares down to 2,243m shares. All other things remaining unchanged BMM's (523m) shareholding would increase to 23.3% (up from current 19.8%) and AF's (473m) shareholding would increase to 21.1% (up from current 17.9%). Apart from my first point, above, and also given that the large rights issue (@5c) only happened 10 minutes ago, that would be a pointless exercise. If anything, if would actually strengthen BMM's position, as it would act to slightly increase the gap between their percentage shareholding compared to AF's. Hardly a suitable defensive move!
Let's just hope that AF isn't willing to bail above 6.8c (his WVAC). I just hope that: a) AF doesn't reconsider his reasons for holding; or b) the two of them don't put their heads together to take POS private and roll it into a JV holding shell.
Meanwhile:
Did anyone else notice who's fingerprints were on the "Against" votes for the failed Resolution 8 (i.e. approval of additional 10% share placement capacity)?
Hint: BMM. They abstained for most of the other Resolutions too, except for ratifying the two new directors. (BMM and Squadron both had to abstain/exclude from Resolutions 6 and 6(a)... and that's where we sample the fingerprints from and conclude that it was BMM behind the Res 8 failure).
I'd say BMM want to keep a leash on the pre-approvals for any more placement capacity over and above the normal 15%. If management needs to tap more than 15% within the next 12 months (unlikely, but you never know), then they'll have to call a special meeting to do obtain approval.
For giggles, I'm going to call a turn/bottom in the int'l NP for (say) 5-7 Dec (give or take a coupla trading days).
PS. MC, did you go to the AGM? Would appreciate any insights you can share.
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Last
0.7¢ |
Change
0.001(16.7%) |
Mkt cap ! $25.99M |
Open | High | Low | Value | Volume |
0.6¢ | 0.7¢ | 0.6¢ | $20.49K | 3.320M |
Buyers (Bids)
No. | Vol. | Price($) |
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77 | 40024885 | 0.6¢ |
Sellers (Offers)
Price($) | Vol. | No. |
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0.7¢ | 19233130 | 43 |
View Market Depth
No. | Vol. | Price($) |
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77 | 40024885 | 0.006 |
50 | 28090727 | 0.005 |
19 | 15994610 | 0.004 |
8 | 23483333 | 0.003 |
9 | 21970000 | 0.002 |
Price($) | Vol. | No. |
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0.007 | 19233130 | 43 |
0.008 | 8284022 | 24 |
0.009 | 9280742 | 17 |
0.010 | 21776906 | 11 |
0.011 | 1543444 | 4 |
Last trade - 16.10pm 26/04/2024 (20 minute delay) ? |
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Change
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Open | High | Low | Volume | ||
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