GREY:PCCLF - Post by User
Comment by
matisse2003on Nov 11, 2008 11:00am
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Post# 15578110
RE: RE: Prudent
RE: RE: PrudentIt seems to me that selling shares at $1.90 was insightful and buying those same shares back months later at 30 cents when the cash value alone is 47 cents without giving any value to the ore body would be a very good trade. Maybe mgmt has a better use but this is worth considering along with other options.
As far as cynicism about buybacks, the TSX and the OSC require that companies report buybacks within 10 days following the end of the month in which they are purchased. Some companies skirt this requirement. Steering clear of these companies (eg. Forzani Group) is a good idea but mgmt should be in the best position to evaluate the current and future value of their stock. If they are not then they are either unscrupulous or incompetent.