RE:RE:ActionMaguire's purchases have been lacklustre considering his comments on the previous earnings call.
I went back through the SEDI report for insider buying and came to the conclusion that I have bought more shares than he has both on a YTD basis as well as over the past two years!
Unless the upcoming offer is a truly significant one (at least worth $3.50 per share), all of the previous buybacks may have destroyed quite a bit of shareholder value as there were quite a few shares repurchased under the NCBI between $3.80 and $4.00.
Let's hope that there are some positive announcements regarding PNG activity in the near future; otherwise, we could be in for a rude awakening when the "plan" is finally released.
I don't understand why this needs to be a "rushed" process. Or maybe I am the only one feeling like this is rushed. As Benjamin Franklin one wrote, "great haste makes great waste". I bought in with the thought process that PNG would take 3 years to turn around and that this would be worth my time. Depending on what the privatization proposal has to say I would be inclined to stick around.
Best of luck,
LR