Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
To achieve a 4.0bn share buy back, the balance of shares need to be bought at an average of 54.026
To achieve a 4.1bn share buy back, the balance of shares need to be bought at an average of 50.767
To achieve a 4.2bn share buy back, the balance of shares need to be bought at an average of 47.878
The business needs to fund it's debt, and interest rates are moving against it, plus there's a risk premium. It could literally halve it's debt, but still pay the same, or more, to fund it. The NAV also reduces. One could argue that VOD could be the target of a bid, but it's better to let it go pop and wait for an asset purchase from the administrators. The business is sound, but it's burning cash. It is in danger of being a victim of the Minsky effect. I hope it survives, but it's on life support for me.
To achieve a 4.0bn share buy back, the balance of shares need to be bought at an average of 53.008
To achieve a 4.1bn share buy back, the balance of shares need to be bought at an average of 50.151
To achieve a 4.2bn share buy back, the balance of shares need to be bought at an average of 47.587
The UBS algorithm is so finely calibrated. I wish I could be so disciplined in my trading!
To achieve a 4.0bn share buy back, the balance of shares need to be bought at an average of 52.552
To achieve a 4.1bn share buy back, the balance of shares need to be bought at an average of 49.893
To achieve a 4.2bn share buy back, the balance of shares need to be bought at an average of 47.491
"Latest block listing of shares effectively wipes out 25% of the current share buyback programme to date.
One Step Forward, Two Steps Back"
Err.... In the context you've chosen, that's four steps forward (c2bn) and one step back (c0.5bn).......
Thanks HU
Whatever algorithm UBS use, it certainly goes into overdrive on the low(er) days. With this slight rise, it's cut back and is likely to recalibrate. I'd love to know the maths behind it.
To achieve a 3.9bn share buy back, the balance of shares need to be bought at an average of 54.976
To achieve a 4.0bn share buy back, the balance of shares need to be bought at an average of 52.218
To achieve a 4.1bn share buy back, the balance of shares need to be bought at an average of 49.724
To achieve a 4.2bn share buy back, the balance of shares need to be bought at an average of 47.457
To achieve a 3.9bn share buy back, the balance of shares need to be bought at an average of 54.930
To achieve a 4.0bn share buy back, the balance of shares need to be bought at an average of 52.189
To achieve a 4.1bn share buy back, the balance of shares need to be bought at an average of 49.708
To achieve a 4.2bn share buy back, the balance of shares need to be bought at an average of 47.453
To achieve a 3.9bn share buy back, the balance of shares need to be bought at an average of 54.545
To achieve a 4.0bn share buy back, the balance of shares need to be bought at an average of 51.933
To achieve a 4.1bn share buy back, the balance of shares need to be bought at an average of 49.560
To achieve a 4.2bn share buy back, the balance of shares need to be bought at an average of 47.394
To achieve a 3.9bn share buy back, the balance of shares need to be bought at an average of 54.042
To achieve a 4.0bn share buy back, the balance of shares need to be bought at an average of 51.597
To achieve a 4.1bn share buy back, the balance of shares need to be bought at an average of 49.363
To achieve a 4.2bn share buy back, the balance of shares need to be bought at an average of 47.314
4 Billion share cancellation and price back to 51p would be fine for me.
To achieve a 3.9bn share buy back, the balance of shares need to be bought at an average of 53.910
To achieve a 4.0bn share buy back, the balance of shares need to be bought at an average of 51.510
To achieve a 4.1bn share buy back, the balance of shares need to be bought at an average of 49.314
To achieve a 4.2bn share buy back, the balance of shares need to be bought at an average of 47.298
To achieve a 3.9bn share buy back, the balance of shares need to be bought at an average of 53.807
To achieve a 4.0bn share buy back, the balance of shares need to be bought at an average of 51.442
To achieve a 4.1bn share buy back, the balance of shares need to be bought at an average of 49.275
To achieve a 4.2bn share buy back, the balance of shares need to be bought at an average of 47.284
To achieve a 3.90bn share buy back, the balance of shares need to be bought at an average of 53.596
To achieve a 4.00bn share buy back, the balance of shares need to be bought at an average of 51.301
To achieve a 4.10bn share buy back, the balance of shares need to be bought at an average of 49.194
Thanks, as ever HU.....
To achieve a 3.90bn share buy back, the balance of shares need to be bought at an average of 53.392
To achieve a 4.00bn share buy back, the balance of shares need to be bought at an average of 51.162
To achieve a 4.10bn share buy back, the balance of shares need to be bought at an average of 49.110
Whilst the outlook looks very positive to get to cancelling 4bn shares, it's long term trading range seems to be between 45p - 55p. Well below NAV. I remain a long term holder and happy to ride the rollercoaster.
Every cloud has a silver lining (or perhaps, with LBG, every silver lining has a cloud ;) )..............
To achieve a 3.90bn share buy back, the balance of shares need to be bought at an average of 53.223
To achieve a 4.00bn share buy back, the balance of shares need to be bought at an average of 51.050
To achieve a 4.10bn share buy back, the balance of shares need to be bought at an average of 49.048
To achieve a 3.90bn share buy back, the balance of shares need to be bought at an average of 53.011
To achieve a 4.00bn share buy back, the balance of shares need to be bought at an average of 50.931
To achieve a 4.10bn share buy back, the balance of shares need to be bought at an average of 49.008
To achieve a 3.90bn share buy back, the balance of shares need to be bought at an average of 52.976
To achieve a 4.00bn share buy back, the balance of shares need to be bought at an average of 50.914
To achieve a 4.10bn share buy back, the balance of shares need to be bought at an average of 49.006
There is a big difference between the motivations of Institutional and Retail investors. Institutional investors, by far, have the biggest holding and, currently, favour a mix of buybacks and dividends whilst also covering any internal risks.
My own thoughts, are not to kill the golden goose (bit of an oxymoron with LBG, I know). But big dividends raise a high profile, attract headlines and then Governments are tempted to intervene to tax 'excess' profits; often in perpetuity.