NCIB completed As predicted(This was a no brainer), the NCIB was completed in the first half of April.
IFP purchased 1,133,219 shares at an avg. cost of $32.53
The total NCIB was done at an avg. cost of $37.60.
The NCIB was completed in 48 days.If you take out the 4 odd days were they did not buy back the maximum or block(4 days) they spent and avg. of $5,005,972 / days.
Since their last maximum purchase / day(April 13th)17 daysas gone by.
All these $$$ not going forward the NCIB is going directly to the bank.
The opportunistic 16.2% of GFP was done for only 56 million.
Now, the big question will be,what will they do with the cash pilling on the balance sheet?
Will it be an unwanted special dividend, will it be kept to try to take over GFP i the next
18 months or will it be a major SIB?
My hope and preference would be for the SIB followed by the takeout of GFP