RE:They only received 116,345 sharessavyinvestor333
other than the 7 million from Luzich
------------------------------------------------------------
That was to be expected as why would anybody bother to sell in the Dutch auction for $1.30 when they could have gotten more than that and up to $1.50 by selling their shares in ten seconds on the open market.
This Auction was mainly so Luzich could sell a lot of shares without cratering the shareprice which would make them have to sell for lower prices. So they sold $9 million worth of stock in one bunch and ARG reduced shares outstanding by 7 million and still has aprox. $16 million left over that they had earmarked for the Dutch auction which can now be used in the share buyback.
ARG should now have aprox. 174 million shares outstanding. If they can do a buyback and buy another 14 million shares on the market next year they will have reduced shares outstanding from 181 million to aprox. 160 million which means each remaining share will have Free cashflow per share increased from aprox. 30 cents per share annually to aprox. 35 cents per share annually. At 8 times free cashflow that should result in s $2.80 shareprice. not to mentiona nice quarterly dividend and the $71 million US cashpile that just keeps growing every quarter.
This management along with the cooperation of rising copper prices has slowly positioned ARG and its shareholders into a better and better position over time.
Eventually the market should take a lot more notice of these facts.