Chesswood Group Ltd CHWWQ

RE:october share repurchases

[Nashville35]

since chw in quiet period, decision making for buyback based on what they instructed broker prior to entering blackout.  likely be active under $12, which is what seems to have been the case. once they are out of blackout following release of results, up to their own discretion once again.  am supportive of buyback since it has been able to offset some of dilution associated with vault transaction.   vault 1.6m special warrants vest at 133,000 per quarter over 3 years.  the buyback hasn't kept pace with that, but still likely offset about 1/2 the dilution ytd in 2021.  as long as buying back stock at price that managmeent thinks is at discount to their estimation of what an adjusted boook is, then good for shareholders.  hindsight is 20/20, but looking back, buybacks have been timed well.  

from ncib announcement last year:

"Chesswood also announces that on or about November 26, 2020 it will enter into an automatic share purchase plan agreement (the “ASPP”) with a broker to allow for the purchase of Common Shares under the NCIB at times when Chesswood normally would not be active in the market due to regulatory restrictions or self-imposed trading blackout periods. Before entering into a blackout period, Chesswood may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with the terms of the ASPP. Such purchases will be determined by the broker in its sole discretion based on parameters established by Chesswood prior to the blackout period in accordance with TSX rules and the terms of the ASPP. The terms of the ASPP have been pre-cleared by the TSX."