RE:$11,590,742.53Its not that they overpaid. It was the way it was done I believe that may have upset some large shareholders.
45% of the $48M should have gone towards the purchase of the multiple voting shares and the 55% should have gone towards the subordinate shares.
Example, I own shares in sports play MANU.
66% is owned by Glazer family in multiple voting stock, 33% are commons.
When investor offered $1.5B to buy 25% of the company, he originally wanted to buy only the MVS.
Investors of the commons balked to the independant directors.
In the end 66% of the $1.5B went to MVS, 33% went to to commons.
Everybody benefits this way, not just one class of shares.
Possibleidiot01 wrote: 4.19 times 2,766,287.
That's what the market currently thinks the BOD of directors overpaid for the recent share buyback.
$47.9 million total consideration , just under 25% too much.
I was surprised when the stock originally jumped from $6 on what I considered lackluster earnings and thought maybe I had missed the train but there has to be a point a bottom is reached ?