RE:RE:RE:Buyback Ramp Up! TheCount11 wrote "NCIB and SIB would be great."
True
However Dundee had NCIB for years and seldom made used of it. despite having lots of cash available to do so at times. Jonathan Goodman, President and CEO of Dundee Corporation, commented on April 9th 2024:
“Buying back shares for cancellation at current prices is a good long-term investment for the Company and a prudent allocation of capital. Reducing the number of Series 2 Shares and Series 3 Shares outstanding also lowers future dividend payments.
Yet they did little buying. for example:
"Under Dundee’s current normal course issuer bids which are set to expire on April 11, 2024, the Company sought and received approval from the TSX to purchase up to 7,571,650 Class A Shares, 114,916 Series 2 Shares and 181,752 Series 3 Shares. The Company purchased a total of 246,400 Class A Shares at an average price of $0.82, 3,800 Series 2 Shares at an average price of $18.92 and 178,500 Series 3 Shares at an average price of $20.00 under the current normal course issuer bids."
And those 246,400 "A" shares were purchased in March, immediately prior to the NCIB renewal announced on April 9th.
Nothing since. Instead of buying and cancelling preferred shares available at $19/$23, they sat on their hands and now redeem them, a few months later, at $25. A lot of money has been wasted.
Is that good management?