DCI issues share buyback bid
https://www.theglobeandmail.com/globe-investor/news-sources/?mid=ccnm.20140327.201403270936052001
They plan to reduce the float 5%
I wondered if they may try to reduce the float at such low prices, therby reducing the amount of dividends they have to pay out which they can direct to paying off the debt. Debt is temporary, dividends are forever. This move makes a lot of sense.
They currently have $271,863,000 in share capital and 17,589,279 shares for an average price of 15.45. If they buyback shares now for less than this average price, it creates a gain in equity (contributed surplus).