RE:ZERO Buybacks February
alhiemstra wrote: Guess Gear didnt think the 65 cent price end of February was low enough for them to start their Buyback , not even a token one!
Reply from investor relations below.
Appreciate your inquiry. Share buyback information for all Canadian listed companies can be found on www.sedi.ca.
There were no shares repurchased in February 2024 for Gear Energy Ltd..
I guess you don't own a calendar or read press releases?? The NCIB wasn't expected to start until Feb 26th. Even with the leap year, why would anyone be surprised there was no purchase in February???Sedi filing is done based on settlement date as well, so unless they were on the floor pulling the trigger the instant they could, nothing would be reported in February. Now add in the fact that by Feb 26, there must have been knowledge at the board and top management level that a new CEO announcement was imminent. No way the last thing done as you turn off the lights and pack up your family photos, is to launch an NCIB program. Lastly, I've noticed companies are far more likely to buy back stock at 52 week highs than 52 week lows. When the stock is stupid cheap, companies tend to go into lockdown mode. The most frustrating example I've seen recently is or was ATH. There were many other companies doing the same nothing. There were several of us screeching at them to buy back stock when it was 11 cents. I dreamed I could take it private but, go figure, nobody wanted to lend some schmuck $100 million to take it private !!! Now, ATH will spend $100 million less than a half year, buying back stock. At $5.00 a share, not 11 cents. Go figure! Oil will settle around $80 wti. WCS will settle around $70 USD. GXE will start throwing off Free Cash Flow, and then, only then, will they start buying back stock on a steady basis. If the new CEO changes course and decides to drill baby drill , or buy up assets/companies I'm not going to be shocked. But I will be rushing for the exits. I'm hoping the first "update" from the new guy takes a steady as she goes tone versus a "hold my beer", "the new guy is here". LOL.
From the Press Release Dated February 21.
"The NCIB is expected to commence on February 26, 2024"