More purchases for cancellation. | Mar 31/10 | Mar 24/10 | 49 North Resource Fund Inc. | Direct Ownership | Common Shares | 38 - Redemption, retraction, cancellation, repurchase | 3,500 | $2.240 |
| Mar 31/10 | Mar 22/10 | 49 North Resource Fund Inc. | Direct Ownership | Common Shares | 38 - Redemption, retraction, cancellation, repurchase | 8,700 | $2.367 |
So they are still buying. I feel they should ramp up the repurchase program. Can you not see how it helps to stabilize share price, reduces share count, tightens float, increases NAV and will not cause a drop in share price with purchases as compared to giving a special dividend. What better investment can you think of with the extra cash? You can almost think that buying back your own stock is almost like buying more of the companies that you hold since there are actually more of each company holding in comparision to the share count. Heck we can buy shares in a stock that is trading at a 40% discount to NAV. Where else can you find that? I am not saying anything negative about the companies we are invested in, but rather the best use of the funds so shareholders can have an immediate benefit from the use of the funds. The shares would be more liquid if there was more trading so if someone with 10k or so won't cause a 5 or 6% drop in the share price by selling. FNR could buy as many shares in the year that we wanted to and just put them in the portfolio within the holdings. You basically are holding your own stock if you didnt want to cancel them. It would appear Tom wants to build an oil company and once they get started on the wells with the payback so quick then there will not be much need for all the cash. Wonder if they should just ask at the next annual meeting if shareholder prefer a share repurchase or a dividend and put it to a vote. That would make sense to me.All in my opinion.