Enquest Share Price (ENQ)

It would make sense to do something more than they are doing now, RNS'ing to say they've bought a couple of hundred k shares is just a waste of money and has apparently had the opposite effect on the SP, I appreciate oil is lower as well but that will swing round soon enough. I honestly thought they were going to go for it with the buyback.

Any more details on the Golden Eagle sale?

What I don't understand is....why don't ML just sit on the bid all day long, adjusting up or down, as necessary. Hoovering up all sells until they've acquired 74m shares (or there abouts) .

Maybe VoiceOfReason will know ?

Tigar, I’m vaguely aware of two restrictions on buybacks. Sek referred to one relating to SP increase over a period (5 days?), I remember this was called out on HBR when their program was interrupted, and I recall a rule which requires an independent purchase at a higher price ahead of the buyout order, but I've no idea how it operates in practice. (Looking at the chart it’s possible the first rule kicked in yesterday)

I can't imagine a trader is staring at the screen, with finger over a buy button, waiting for the right conditions to occur - I'd guess an algo is at play, following the rules, with limits set.

Or perhaps algos are the modern-day equivalent of an 80's super model and don't get out of their box for less than $15m.

Or the trader has just had their ar*e kicked for forgetting to plug the algo in yesterday.

Whichever, I think we can agree that buybacks will weigh to the upside. From the limited number of buybacks I've observed they do tend to start off slow and increase volumes later. As an engineer I can imagine an algo being tuned to the market to maintain orderly transactions and given its head over time.

Bottom line interest here will/should fade in this activity.

I don't think they will and the remaining cash will be passed on to the second stage

like I said they could have bought a fair chunk yesterday but chose not to.

Do they want a cheaper price or are they trying their luck by not paying more than 16.2p

They could damage the SP if not careful and would Enquest be happy with a lower mcap but a higher number of cancelled shares ?

Londoner7

I stand corrected, they must just be keeping us guessing.