Microbix Biosystems Inc. T.MBX

New Press Release - Microbix Announces Initiation of Normal Course Issuer Bid

For Repurchase of up to 5% of its outstanding shares over 12 months MISSISSAUGA, Ontario, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Microbix Biosystems Inc. (TSX: MBX, OTCQX: MBXBF, Microbix®), a life sciences innovator, manufacturer, and exporter, announces the initiation of a Normal Course Issuer Bid ...read article.

[RICHOFFMBX]

This is great.  About the same amount allowed to repurchase as last time except this time their broker doesn't need to be on both sides of the sale.  This will likely allow them to get closer to the full 5% buyback. Maybe premature to say, but I think we are done with the 0.20's... onward and upward from here!

[Mbxwatcher]

I guess this is the penalty for being such a thinly traded stock. The rules allow them to buy back 6.8 million shares in a year. The rules also restrict them to 12,286 shares in any one day, which is 3 million shares in a 250 day trading year (approx.0 The punishment I suppose for being too thinly traded, as a greater allowance would significantly increase the share price. Anyway the news is

[RICHOFFMBX]

They only bought back about 2% last year, whereas they were allowed up to 5%.

[Mbxwatcher]

Because they cant buy more than the daily max, which is calculated off the average daily shares traded. Even this year at a best case we can only buy 1/2 the maximum allowed. We are allowed 6m based on 5%, but as a practical matter can only buy 3 million at 12,000 shares per day x 250 trading days. As i said earlier its because we are thinly traded. Anyway still good

[wizzdumb]

The main reason for the change of brokers was to allow for block trades. As far as I can tell there is no limit to the size of the block trade.

[Mbxwatcher]

Thanks, i didnt know that. maybe that can get them closer to 6m as always thanks for the clarification

[lscfa]

Instead, take out the $4M of debentures convertible into 17 million shares.

[Mbxwatcher]

love that idea