RE:RE:RE:AGM CommentsLast year MCR bought back $1,016,000 worth of shares. That was 244,200 shares in total.
They are presently allowed to buyback $5,000,000 or up to 1,500,000 shares. (See page 4 of their presentation.)
At the present price of $2.50 those shares would only cost $3.75 million if the all 1.5 million were bought back. These purchases would be a lot better deal than the last foray into the market which cost an average of $4.14 per share. Book value is presently stated as $3.85 per share.
At present $1,016,000 would buy 406,400 shares or 166% of last year's purchases.
I had the sense that MCR was eager to begin the buyback.
If I were Frank Miles I would look for a second and perhaps even a third opinion in regards Normal Course Issuer Bid during a blackout period. I am quite sure that it can be done as long as the Broker is at arm's length to the company and that no significant information is shared. In other words the Broker is authorised to buyback a certain percentage of shares each month.