RE:Corporate finance manual policy 5.6 NCIBNot sure they had enough time to get things ready for today Red....but yes that would have been a nice day to buy.
red2000 wrote: 3. Definitions
3.1 In this Policy: “Issuer Bid” means an offer to acquire listed Voting Shares or listed equity securities made by or on behalf of an Issuer for securities issued by the Issuer.
POLICY 5.6 NORMAL COURSE ISSUER BIDS Page 2 (as at June 14, 2010)
“Normal Course Issuer Bid” means an Issuer Bid where the purchases (other than purchases by way of a substantial issuer bid):
(a) do not, when aggregated with the total of all other purchases in the preceding 30 days, whether through the facilities of a stock exchange or otherwise, exceed 2% of the total issued and outstanding securities of that class outstanding at the time the purchases are made; and
(b) over a 12-month period beginning on the date specified in the notice of the bid do not exceed the greater of: (i) 10% of the Public Float; and (ii) 5% of that class of securities issued and outstanding; on the first day of the 12-month period.
3.2 Unless otherwise defined in this Policy or Policy 1.1 - Interpretation, all terms have the meanings assigned in UMIR.
I am not sure, that i understand properly this section 3 !
Is this means that Baytex can buy max 2% of it's total out. shares (569,2 M) per month.
Max 10% for the year !!??
If it's the case, on a day like today, if they bought 2% already today, they had a chance to save 5,7M$ of FCF already today !!!
2% X 569,2 M = 11,384 M X 0,50 drop === 5,7M$ !! It's a 10% yield for 1 day,
but annually it's 3 650 % !!
As you can see, i try to see good things on a day like today !!!
Hope they bought the Max today !!!
Thank's !