Sherritt International Corp T.S

$50 mil bond buy back!!

[rkhosla]

NOW i am happy.  Dutch auction.  BIG spike tomorrow.  They have had good success with these auctions buying at a discount. I'm so happy now.

https://www.sherritt.com/English/Investor-Relations/News-Releases/News-Release-Details/2022/Sherritt-Announces-Modified-Dutch-Auction-to-Purchase-Secured-Notes-and-Fixed-Price-Tender-Offer-to-Purchase-Junior-Notes-for-Aggregate-50-Million/default.aspx

[claimempty]

the bond buyback is nice but i doubt the share price is gonna spike after what they just released.

[claimempty]

Cool note i just read  the for anyone else holding the unsecured notes they get priorty in redemption and 50 million is more than enough to buy all outstanding at .54 on the dollar.  "Junior Notes validly tendered and not withdrawn prior to 5:00 p.m. (Toronto time) on the Initial Expiration Date will have priority in acceptance over Secured Notes" Will be nice for sherritt to

[Ventoux]

True that, but I doubt they will get them all. Even at $55.00 the annual compounded rate of return is in excess of 23%, if the bonds make it maturity. I can see why the company is so keen on getting these notes off the balance sheet.  GLTA