RE:RE:RE:Management is complacentI think we are on the same page Thor16, we just differ a bit in our assessment of how well the company is doing with repurchases.
I will concede that Melcor has gotten the buyback religion just a bit ... but so far they are popping into church on Easter Sunday and that's it.
The recently-expired NCIB was special, with a daily limit thrice normal. The daily limit is back down to 1281 again, so even if they repurchase the limit every single day (which they are not doing), they will manage to cancel just 1% of the outstanding shares annually. This is better than nothing of course, but far short of ideal. In fact, it is barely enough to offset stock option grants.
Melcor should be aiming to repurchase 5% to 10% of outstanding shares annually, to take full advantage of the mispriced shares. They will never get there through the NCIB, so a SIB (substantial issuer bid) will be needed. With shares trading at $12 today, a Modified Dutch Auction with a price range of $13-$15 would have little problem attracting interest. They might have to sell a couple commercial buildings to fund the SIB, but that is a small price to pay considering the immense benefit.