Round numbersSo on Monday the 18th there was a trade of 409,100 URB.A shares (at $3.84), which was curious because as of the previous Friday there were 32,409,100 "A" shares outstanding. Hard to believe this was a coincidence.
Tom seems to like round numbers (me too, I suppose) and if that was the only NCIB buy during the week then that will drop the "A" share count to 32,000,000 exactly.
Thus reaching such a round number might signal that Urbana is about to give the NCIB a rest. While I've made it plain that I'm a fan of the Urbana NCIB, I don't want to suggest that there should never be a time when it isn't going full steam.
If the market were to retreat 20% and the NAV per share fell to, say, $5.80, buying under the NCIB at $3.84 would still have been a positive for the NAV per share . . . but . . . there would have been an opportunity cost in the sense that the NCIB could likely have bought the same shares for even less by just waiting a bit.
If Urbana is giving the NCIB a rest they might consider also paying down some of that BMO debt. You don't want to completely discount the possibility that Jeremy Grantham turns out to be correct.
I'm fine, I suppose, whatever they do. I can't deny they've been better at calling the market than I have.