RE:RE:It's always a bargain Small clarification about the dividend: The payment of a regular dividend is not an option while the exceptional (irregular) dividend is always an option. The dividend will always remain an attractive option if this money is not necessary to take advantage of an opportunity that would grow the business.
The repurchase of shares with the aim of canceling them is indeed an option. There are several ways to develop a share buyback formula and the effect on the value of the security may differ depending on the formula used. If Mr. Cohen went this way, I am convinced that it would be for the purpose of using a surplus of cash well and to consider that it is an adequate use, the price paid should be reasonable. During the meeting, Mr. Cohen mentioned that this option could be attractive for investors who wish to sell their shares at a fair price but whose lack of liquidity of the security on the markets prevents them from selling. A redemption formula geared in this spirit would be good business for the long-term investor. Considering that the objective is to carry out a buyout at the best price, a surge in the stockprice would make the operation less attractive for Robex and would abort the buyout. Finding balance in this kind of transaction comes down to saying that everyone has to gain from it to be successful.
Finally, I want to specify that a man like Mr. Cohen is not making decisions with the aim of increasing the stockprice, which could be considered a short-term vision. Decisions are made with the goal of ensuring Robex's growth so that the end results are optimal. You have to understand that Mr. Cohen can never sell his 400,000,000 shares other than by a takeover so you have to understand that all the variations of the stockprice between the start and the end are immaterial because all that matters is the final result. If you adhere to these concepts, you will be the happiest shareholder because it is these concepts that are the source of Mr. Cohen's success. This is the best way to create real wealth and it is at the very end that Robex's stockprice will reach its peak.