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It would at least make it slightly harder for short term holders to find shares.
Guess they are weighing up the benefit to EPS vs. having another £1m headroom pre-Christmas.
If they spread it out over many weeks then I don't think the 3 million or so shares would make much difference to the price. A similar amount traded on the last Trade Update day.
What’s with the 1M dividend money ?? If they were to ‘buyback’ , what effect would this have on the present share price. I realise it would go up, with less shares in the market, but by how much ?
The big players in the market mms often sell 5 shares & another 5 & 5 & 5 & 5 & 5 & 5 which starts to look like a big short sell off but in reality they are trying to lower the share price? and then they buy 25000 and get a lower price. The reason that the mms can do this and Joe public can't is because they don't have to pay £11.95 commission on every deal, savvy gl.
It is because the price range is wide so the system sometimes can't seperate a buy from a sell so a buy might show as a sell and a sell might show as a buy esspecially on days of low volume. So if someone buys 1 at 30p and then someone buys 5000 at say 29.6 the false trade is the 1 at 30p but the quantity buy (5000) at 29.6 would then show as a sell.
How does this happen ?
Sold 48008
Bought 44
And the share price is + 2.46%
With the 1 million dividend money they could buy back 3.3 million shares at about 30p leaving only 59.5 million shares in the market. I don't get it why they haven't done it at these prices.
Inflation down from a high of 11% to 4.6% which is considerably better than forecasts from a few months ago when the IMF and other pundits like Robert Pessimist said it would stay near 10% and the UK economy would crash and burn. With inflation set to fall further, then this is very positive news for retailers etc.
I think it's a good thing that management are talking forecasts down. It will keep a lid on the SP for cheap buybacks, and any surprise on the upside will accelerate any recovery in the SP imo.
From the trading update:
"Adjusted EBITDA will be approximately £6.0m"
Unadjusted profit will be lower, quite possibly negative.
@pandafund
You are wrong, the Company is forecasting a profit, they have utilised £2.5million for Christmas Stock from a pre arranged £20 million loan facility. The £1 million dividend was already approved and ready to be paid out in November. Do some research, they just need to buy back some shares.
Net debt of £2.5m just at the start of Christmas with most of the stock paid for. Even with the recent negative TU they are supposedly going to make some profit.
For some reason I thought this was going to do a Shoezone and multibag from lows. Sadly it looks like I was very wrong :-(
There is no "unused dividend money". The company has net debt. They would have to borrow at 5% to buy back share shares in a loss making company.
One assumes the BOD will just snaffle the money into their next LTIP rather than do the buyback? Nothing surprises me these days, shareholders seem to be at the bottom of Management's interest these days across all companies. Why that sacked CEO of Natwest is getting any severance pay at all is beyond me, it was clearly a case of gross misconduct Imo and I hope Farage wins his pending damages case against her and the bank. JMO
Why aren't the board using their Authority to buy back the £1 million worth of shares from the unused dividend monies?
Very quiet here after yesterday's excitement? Not sure why no buybacks happened yesterday, would have been perfect for shareholders interests. Maybe Kelso will be banging on the door again
Missed opportunity, they could have soaked up all the sellers yesterday and cancelled millions of shares.
It would appear that WORKS didn't buy any of their own shares yesterday as per the Listing rules (12.4.6), Premium Listed companies need to announce purchases of own shares by 7.30am next business day. But I could be wrong.
Would have been nice to see an RNS regarding share buyback, considering the low price yesterday. Missed opportunity if they didn't buy.
Got spanked too hard first thing and then the buyers all appeared, including me.
Just a gut feeling Kelso will be amongst them and if not @WRKS buying back their own shares already then hopefully an announcement to come in the following days.
They should have started buying first thing if they could, not sure if they have to wait a certain period following any financial updates, I don't think it applies to companies buying back their own shares, just directors normally in closed periods?
£1m is just over 3 million shares - they better start soon at these prices.
That's good, well they should get their house brokers onto it straight away.
AGM Resolution 16 allows them to purchase up to 6,250,000 shares. So no I don’t think they need any more authority.
Do they need another vote to pass a buyback resolution?