RE:RE:RE:792,000 shares traded todayEbbFlow88 wrote: Answering my own question, I found this from an article and confirmed it by looking through annual reports from Paladin on Sedar. They also bought back shares in 2012.
In 2007 and 2008, Goodman bought back 7% of its float. That isn’t a huge buyback effort, but keep in mind the environment he was doing that in – there were all sorts of options for a well capitalized company to buy at that time. And also keep in mind the return on those repurchases; Paladin shares traded between $10 and $12 in those years, and less than seven years later Paladin was sold for over $100/share.
Interesting enough, Goodman's main plan is to buy back shares when they are cheap and issue shares when they are expensive instead of using debt. He has stayed true to that during Knight's short life. It is worth noting that things are different today in regards to macro and so is the company.
Hello EbbFlow.
You likely weren't here when we had that exact same discussion back a year or two.
I was at the 2019 AGM and I asked Samira/Jonathan the same question after the meeting ... if they were using the buyback as much in Paladin's days (I just couldn't remember exactly how much it was used back then).
Without hesitation, they both agreed that the same tool was used and they even went as far as to say ... in total ... they probably bought back $20M-$25M dollars worth over the 19 years.
That would likely be similar to buying back up to $200M in Knight shares over the life of GUD.
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There are many similarities between GUD and PLB - just faster this time.
Building ROW was happening at PLB in their 12th year (South Africa - Pharmaplan) but they only bought 22% of that company. In their 14th year, they acquired 100% to roll it into another partnership (South Africa - Litha) where PLB had 44% of the total South African entity.
Partnering with smaller pharma businesses is new - lending them money and getting rights.
I don't really remember that from PLB.
PLB used to acquire a lot of losses from old company/product acquisitions and used those losses against future profits. I do remember seeing a lot of that.
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Hope that helps.