RE:Over two months later.....pierrelebel wrote:
On December 22nd 2023, with the common shares trading at $1.03, Tidewater announced:
"Tidewater's Board of Directors ("Board") has authorized the application to the TSX to institute a normal course issuer bid ("NCIB") which will establish the ability to repurchase, for cancellation, up to 10% of the public float of the common shares of Tidewater (the "Common Shares"). The NCIB will be subject to the approval of the TSX and is intended to be effective in the first quarter of 2024 and will be made in accordance with the applicable rules and policies of the TSX and securities laws. Tidewater believes that following the closing of the Transaction the market price of the Common Shares may not reflect the Corporation's intrinsic value and future prospects, and that the purchase of Common Shares may represent an appropriate use of the Corporation's financial resources to enhance shareholder value.
If that was true over two months ago, what is the new management waiting for to start buying the shares down about 20% since then? Have they actually made the application to the TSX?
Losing patience and confidence.
I think TSX rules mandate a more detailed press release regarding NCIBs. From the TSX manual:
The Issuer can issue a news release indicating its intention to make a Normal Course Issuer Bid, subject to regulatory approval, before the Exchange accepts the executed Notice. The news release should summarize the material aspects of the Notice, including the name of the Member conducting the normal course issuer bid on behalf of the Issuer, number of shares sought, the percentage of the outstanding shares or Public Float sought, the reason for the bid and previous purchases. If a news release has not already been issued, a draft news release should be provided to the Exchange and the Issuer must issue a news release as soon as the Notice is accepted by the Exchange. Tidewater's December PR doesn't contain any of the details that I've typically seen in NCIB announcements. And it only says that the BOD authorized an application, not that an application was actually made. They also haven't disclosed any purchases on SEDI, so I think there's a pretty good chance they haven't applied or it wasn't approved.