RE:RE:RE:RE:RE:Nickel 28 Confirmation of Largest Ever Ramu Cash Distr. On January 30th the stock price was $.97 and Nickel prices were ~$30,000 and management said they would use excess cash to repay construction debt.
On April 18th the stock price was $1.17 and Nickel prices were ~$25,000 and management said they will use excess cash to buy back stock.
This isn't complicated. The stock is up ~20% and Nickel prices are down ~15% but now management thinks buying back stock is more attractive without explaining why. Not only does this imply they were either wrong then or they're wrong now but given the context (tender from a shareholder agitating for change) it seems awfully generous to assume management is acting in good faith here.
Its the same with the rights plan - management can have a 26.5% position (largely granted for free) but no one else can pay market price for more than 20%. Sure...