RE:RE:RE:Compelling NCIB / DIVThis was just prior to COVID, when Melcor was trading at close to the current stock price.
The CFO stated that the company were trying to repurchase stock, but were held back by the daily volume limit. She also stated that although block purchases exceeding the daily limit were allowed, and would be welcomed, they rarely have the opportunity to make a block purchase (I believe these need to be arranged broker-to-broker, as opposed to simply gobbling up thousands of shares at the ask).
I made two recommendations:
(1) Let shareholders know that the company is interested in making block purchases, and tell them how to go about offering blocks to Melcor for repurchase
(2) Make a substantial issuer bid (SIB) through a normal tender or Dutch auction process. Set the offer price just a couple ticks above the current share price (for example, with the stock price at $13.50, offer to buy back up to 10% of shares at $14).
I received a full hearing and received a polite but non-committal response. My hope was that these ideas would be considered and raised with the appropriate people. Unfortunately, even the first idea -- which seems quite simple -- has not been enacted.
I will raise these points again. Sometimes it just takes a while to make things happen.