Ongoing Share Repurchase14 May 2012 11:23
By my calculations, at an average repurchase price of, say, 38p, we've now spent £2,335,480 on the 6,146,000 shares we've repurchased for cancelling. These are always repurchased on the HK exchange but the price in HK seems pretty well pegged to the LSE price. The Outstanding shares on each exchange are shown as 1,224m so presumably these pooled together to make the total. We've now cancelled 0.5% in this repurchasing programme.
What is the point? It's now getting cheaper each day to cancel shares as the sp drops. We won't have to pay divis on these shares in the future. Is it helping to shore up the sp?
Hoping for a bounce back off support @ 35/36 soon. This board is toooooo quiet.