The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
Nearly 9m traded so far today.
Gregg's is up lots today
So the company has so far bought back over 10m shares, probably quite a few more days before they have spent the £10m. They started on 26 July at 105p, probably go below 70p today after Nikes results last night. That's some return of value to shareholders! Saying that they are currently buying back at the rate of over 1% of share capital a month, if they carry this on it should make a difference at some point.
The CFO has also been the Group Company Secretary since 12 September, don't know why the previous one left, but I'm guessing its saving money.
Year end today.
Its blue amongst a sea of red. Big volume so far today, find out tomorrow whether its the buybacks keeping the SP at 80p or another buyer. 300k buybacks yesterday
I see buybacks were 350k yesterday. At least the company thinks they are good value at 80p!
I see that they have increased the pace of buybacks, they did 240k on Friday. At least they see good value at 85p!
Interesting that yesterday's jump and today's jump both started at 11.30am. Any guesses why?
Looks like we have been demoted from FTSE250, takes effect Mon 19 Sept
More volume yesterday, SP currently up whilst the market is over 1% down.
Is it shorts closing or someone building a stake at these ridiculous levels?
At least the 10m buyback monies are getting lots of shares!
Liquidsky
Thanks for your post at 12.56 today. But isn't RR gaining with the dollar getting stronger ie when they convert the sales which are made in dollars into Sterling, RR get more Sterling, and does this gain outweigh the hedge cost?
I always remember that the FTSE goes up when Sterling goes down, as 75% of the income is in foreign currencies.
So since the good trading Update a month ago the company has bought back 4m shares but the SP has dropped by over 20p. I'm not sure how this is returning value to shareholders!
With the good weather recently, haven't they been doing great over the last few months?
Thankyou Liquidsky for your comments.
IMO the RNS is not a fair summary of the Accounts, in that the Accounts show a company in a good position whilst the RNS painted a picture of a company going bust. Most investors only read the RNS and subsequently sold up forcing the SP down. I believe if the RNS was a better reflection of the accounts the SP would be a lot higher than 83p and the BOD are to blame.
DYOR
Please read MJK1 post at 8.35 regarding a 1.8bn mark to market loss. This is just an accounting timing adjustment which will reverse. This should of been mentioned in the RNS not buried in the notes of the accounts. This could easily finish blue for the day, when the analyst have studied the accounts properly.
I feel sorry for the investors who sold earlier, who looked at the RNS rather than the full accounts.
IMO