Current NCIB allows for 4 million more shares to be retiredThe current Input NCIB announced in mid December allows for just over 6.5 million shares to be purchased and retired over the next year. Thus far just under 2.3 million shares have been retired through August if my numbers are correct. This means Input could retire just over 4.2 million between now and mid December.
Rules can limit how quickly shares are purchased and retired (I have copied a portion of the NCIB rues at the bottom). However, as long as you purchase shares within 2 cents of the last independently executed trade then there is no problem. I would challenge Input to get much more aggressive in executing the NCIB by raising the share price by 2 cents when possible. This would best eliminate the slow trading days like today when Input has a bid for over 100K of shares but few shares trade. I understand Input wanting retire shares at the lowest possible price but it must be balanced with retiring as many shares allowed.
Below is a portion of the NCIB
rules: The current Input NCIB announced in mid December allows for just over 6.5 million shares to be purchased and retired over the next year. Thus far just under 2.3 million shares have been retired through August if my numbers are correct. This means Input could retire just over 4.2 million between now and mid December.
Rules can limit how quickly shares are purchased and retired (I have copied a portion of the NCIB rues at the bottom). However, as long as you purchase shares within 2 cents of the last independently executed trade then there is no problem. I would challenge Input to get much more aggressive in executing the NCIB by raising the share price by 2 cents when possible. This would best eliminate the slow trading days like today when Input has a bid for over 100K of shares but few shares trade. I understand Input wanting retire shares at the lowest possible price but it must be balanced with retiring as many shares allowed.
Below is a portion of the NCIB rules: The current Input NCIB announced in mid December allows for just over 6.5 million shares to be purchased and retired over the next year. Thus far just under 2.3 million shares have been retired through August if my numbers are correct. This means Input could retire just over 4.2 million between now and mid December.
Rules can limit how quickly shares are purchased and retired (I have copied a portion of the NCIB rues at the bottom). However, as long as you purchase shares within 2 cents of the last independently executed trade then there is no problem. I would challenge Input to get much more aggressive in executing the NCIB by raising the share price by 2 cents when possible. This would best eliminate the slow trading days like today when Input has a bid for over 100K of shares but few shares trade. I understand Input wanting retire shares at the lowest possible price but it must be balanced with retiring as many shares allowed.
Below is a portion of the NCIB rules:
1. Price Limitations—It is inappropriate for a listed issuer making a normal course issuer bid to abnormally influence the market price of its securities. Therefore, purchases made by listed issuers pursuant to a normal course issuer bid shall be made at a price which is not higher than the last independent trade of a board lot of the class of securities which is the subject of the normal course issuer bid. In particular, the following are not "independent trades": (a) trades directly or indirectly for the account of (or an account under the direction of) an insider;
(b) trades for the account of (or an account under the direction of) the broker making purchases for the bid;
(c) trades solicited by the broker making purchases for the bid; and
(d) trades directly or indirectly by the broker making purchases for the bid which are made in order to facilitate a subsequent block purchase by the issuer at a certain price.
Notwithstanding the foregoing, TSX will not consider that a trade has been made at a price that is higher than the last independent trade provided that: (i) The independent trade occurs no more than one second before the NCIB purchase creating the uptick;
(ii) The independent trade is a down tick to the previous trade and the NCIB purchase would not have created an uptick to the trade prior to the last independent trade; and
(iii) the price difference between the NCIB purchase and the independent trade is not more than $0.02.