RE:RE:RE:RE:Preliminary Results of its Substantial Issuer BidI think the way the SIB played out is a big positive.
1. Overwhelming majority of shareholders clearly did not want to sell shares at or below $37 or they would have.
To me this puts a floor of $37 on the share price especially considering the CEO was decrying doom and gloom on TV 3 weeks ago and last week again, which can now be seen as an attempt to motivate shareholders to sell into the SIB. The 95% that didn't sell are diamond hands as they can hold through crazy market swings and CEO actively trying to encourage you to sell.
2. The company has ~90M that would have been used for SIB that could get rolled into NCIB which either drives share price up or buys up cheaper shares if below $37.
3. Still spent 165M to reduce share count by 5.7% which is very positive.
4. The market has been wild in January, and you have to wonder how many more shares the SIB was able to eat up because of that. If the market in general and Stelco share price wasn't yoyo-ing the past few weeks, the SIB might not have even been able to purchase 5.7% of shares. If the market was more stable and Stelco share price in the $40-45 range, the SIB might have been only 10-20% satisfied instead of the 55-60% that it is now.
Now its time to fire up the NCIB up again and see if management can't scoop up more shares that way instead.