RE:RE:RE:RE:Special dividendI agree with you that it's difficult to establish a significant position in Algoma, although you've got some underlying facts wrong....
This stock is already very, very illiquid, pre-NCIB.... average daily trading volume is just ~3800 shares (on a float of ~38 million shares, this is just 0.01% traded daily). The NCIB is unlikely to impact this considerably. Furthermore, the NCIB limits Algoma to buying 25% of the average daily trading volume each day... at current average daily volumes, a whopping 1000 shares. Over the full year, at most, they could buy back 252,000 shares, or about 0.6% of the float.
Talking myself through this post, I wonder if perhaps the special dividend is in recognition of the fact they are quite limited in their ability to repurchase shares, given the low trading volumes and NCIB rules.