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No evidence that they won't continue the buyback at some time in the future Kb1. Funding the 'prospect generators' has obviously needed deep pockets of late. I'm happy to wait until later in the year when the projects have more flesh on the bones and hopefully the market will by then be appreciating the bigger picture that MTR has gradually been revealing.
Illaquens, I entirely agree about how MTR should use their cash-far better to invest it in new ventures-but I think they've created an expectation of buying <10% of shares in issue and they at least need to deal with that expectation if they're not going through with it. As for KML I thought there were assay results in the pipeline but I could be wrong I suppose.
HeidHoncho, I accept that being in a closed period means MTR can't instruct Arden to continue the buy back but I'm having difficulty with the idea that MTR carrying out their normal activity-investing in other companies-puts them in a closed period . It boils down to what constitutes a "closed period" and having had considerable experience of trying to make sense of the FSA's (as it was called then) rulebook, (but practically no experience of anything to do with the Market Abuse bit) I'm not about to start trying to decipher the FCA's. I'd rather walk over a bed of hot coals.
Think you may find that the answer to any questions relating to whether the share buy back programme can be continued due to a belief that we may be in a closed period are already answered in the RNS regarding the share buy back agreement, or rather more specifically in the clauses referenced therein.
IMHO
Keith, as far as I am concerned the Board have played a blinder with Cobre and Southern. I doubt there will be assay results for KML for some time. Their drill program will start in early March. The real action in the short term will be Cobre, Sandfire and a Southern. Personally I hope that there is no need for any further share buy backs. I would support it but better to deploy in an existing or new investment. The 2% NSR over KML an excellent bit of news.
And although I agree with you each bit of info regarding anything positive the SP declines so it makes no difference and that’s crystal clear
So, does an investment company enter into a closed period each time it invests in another company?
What could be the reason the company has been in a closed period and couldn’t announce next step of buyback? You kidding right? The company has announced 2 bits of information that would put them in a closed period just this week. SAU and KML.
No idea, TF!, but i'd have thought we should've heard something about the next phase of the buy back by now. If that's had to stop because of a closed period, then what could be the reason? We must be due some assay results re KML surely but I can't think of anything else. We could certainly do with something to get us going in the here and now. It's all very well putting money into new investments but it's anybody's guess when they feed into the SP and I for 1 am not getting any younger. The Board obviously have a lot of faith in KML. but unless we get another rabbit pulled out of the corporate hat soon, we could well drift lower and after the excitement over the IC article that would be very hard to take.
Beginning to wonder if there is another dormant company that someone is closing and off loading their holding to “tidy up” paperwork ??