Obsidian Energy Ltd T.OBE

Share buy back

[RetiredSteelMan]

Does anyone know how many shares were bought back in March.  I thought they had to report this at the end of every month.

[Hendrick3]

Zero, none, nada 

[thetruth54]

It is becoming more and more obvious that Loukas is going to use the buybacks  possibly just before and almost definitly after the 1st quarter report is released in the first week of May. It may be because he has chosen to cover his butt after a not so good quarter. My hope is that is not the case and my instincts are wrong. We will know in a few weeks. The key is to watch the volume. That

[thetruth54]

If the quarterly is not so stellar as most people expect it will surely in this market environment cause the stock price to drop. No doubt the shorts would desend on it like a plague. Therefore maybe that will be an oportune time to initiate the buyback as it will create even more ridiculously priced shares. Obe can buy back its shares at bargain basement prices while putting a welcomed hurting on

[Hendrick3]

Usually if it is a strong operational quarter, they would pre release the good news before the full quarter so I agree 1q is probably a bit weaker. They also get the value of the stock option grants nice and low which would give them a big incentive to buy back thereafter. Unfortunately buying back 85,000 shares per day which is their limit is not enough to counter a short attack. All above is

[thetruth54]

You are wrong. The rule states:companies cannot repurchase more than 25% of the average trading volume of a stock in a day, in order to prevent the supply and-demand dynamics from getting completely out of control. The average volume on the NY exchange for OBE as of today is 555,268. 25 % of that is 138,817 shares. That would come to about $930,000. Combine that with other purchases from investors

[thetruth54]

By the way, regarding my last post that rule only applys to one block trade a week up to that 25% threshhold.

[thetruth54]

Where I am from and Loukas is as well they call that a NY sucker punch which is just what the shorts deserve.

[JohnJBond]

What rules are you looking at? I suggest you review the TSX rules for buy backs (which is what applies here).

[JohnJBond]

That may be your position. Its more obvious to me that what is obvious to you, is not obvious at all.

[thetruth54]

EXCHANGE LIMITATIONS ON NCIBS Toronto Stock Exchange (“TSX”) Over a twelve month period, the TSX restricts the purchases of shares by a corporation to a maximum number equal to the greater of (i) 10% of the corporation’s public float (i.e. shares held by non-insiders and free of resale restrictions) and (ii) 5% of the issued and outstanding shares of the class that are subject to the NCIB. In