NCIB.Buying at a fraction of their asset valueI was looking if GDL was using it's over capitalized balance sheet to buy some shares under their renewed NCIB.
The NCIB is for 5% of the outstanding shares (426,157)
Since initiating the NCIB in nov. 2022 and renewing it last nov.,
they have purchased 48,600 shares or .6% of total shares or 1.25% of the float.
That is not much but better than zero.I hope they continue on that path at a faster rate.
But with such a tiny float, it must not be easy to do.
Looking at the bright side, all of these shares have been purchased below $14
Since book value was $22.83 at Aug. 31st and market value of their assets
probably north of $30,to buy at these low price adds value for the remaining
shareholders.
I hope they had another good quarter even if the building environment was slow in the quarter.
They should be reporting in the next few days.