RE:RE:Questionvr6loco wrote: I recommend you read the circular (got mine today in the mail). You will get a better picture of what's going on. That price could have been higher, but it doesn't really matter, every shareholder is treated equally. Basically you will get funds for a third of your shares, your retained shares most likely will trade 30% higher the next trading day. You most likely will have money in your trading account and your shares will be valued about the same as before the buyback, just your share count will be lower. Feel free to use those funds to buy them back, don't think you can get any under $16.35. JMHO
I did read it. If they had said they would be buying back the shares at the 5 day average prior to the buy back date, I'd be okay with that. But they haven't. They've set a price which is now at a discount to the market price. Good deal for them.
Since they will be paying out $100 mil to buy the shares, the overall enterprise value will be $100 mil less so I don't see any reason why the market would suddenly value the company at $16.35 per share.
I acutally sold my shares today at $12.93. After the buyback occurs, if my guess is right, I'll be repurchasing my shares close to the $12.58.
Cheers.