If we had a money, exactly will buyback shares...This is famous quote from the last webinar, by Aneel...Production is not supportive for cash generation, lack of cash but we're the management continue buying shares, ..he added after...Is shares repurchase programme possible? .... Possible, i guess...
Last 2 months management stopped buying back, except CEO's $1.67 buyout few shares.....Baseline is $2.15.....So, where money goes? Sitting in the bank....STGO deposited around 10 billion MNT eq. to US$ 3.5M + US$ 1.5M directly....And explained this is savings, reported under Short term investment.....Hah....Savings interest rate for USD is 3% pa, MNT 12% pa respectively.....but loan interest +3.6% pa means for USD loan annual interest is 6.6%....
Lack of cash but invested in local bank...illogical again...Borrowed $2,850,000 at interest rate 6.6%....why don't just use savings? Why need to pay additional 3.6% to the bank? just kidding, i guess...