Two or three fairly impotant announcements of the last 3 days.
Firstly we have a substantial shareholder increasing his holdings on the 29/4.
Then yesterday the company announced yet another share buy back but for a substantial amount of the outstanding shares. It represents at 12 million shares and out of a total of 177 mio shares outstanding around 6.7% buyback. This coupled with previous buybacks brings the total to around 12 % of the company they have or are trying to buy back.
Lastly we have the announcement from AXA that it has increased its holdings and now has become a substantial shareholder.
Now one on its own is good, but all three together suggest to me at worst the market will be supported in ANN. ANN has had a few bad years going from making nearly 200 mio to loosing money as it wrote off some bad assets in 2002. Books look to me to have very much turned the tide and the company is a much different animal to what we had back in 2000. Earnings look to improve and the 2005 estimates if correct have the company at present values being around a P/E of 10 whicj when compared to other in this sector is very low.
Given the latest three announcements I have re- estblished myself at $7.42 and shall watch and see how the share behaves around the $7.60 level intially. Regardless of that with buying coming from 3 sources alone should sent the price higher over time.
Good Luck
ANN Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)