RE:RE:Morguard Announces Renewal of Normal Course Issuer BidSep 19:
"* George Armoyan recently joined the board. He has historically been a huge proponent of buybacks in companies in which he is involved when the SP is below book value and the company is finanically comfortable enough to buy back shares.
The last point is likely the most significant
I'm very long here; my largest portfolio position at this time."
MRC is my largest long term hold position, SOT my largest overall position (includes short term).
It is nice to sometimes extrapolate what is likely to happen, then see it happen.
In this case, MRC activated its NCIB and has started to buy back shares several days ago.
They recently announced a pair of cap ex activities as well, clearly indicating that their financial situation is now on good footing and they are comfortable enough to begin directly capital to share repurchases.
Good days for long MRC holders
GLTA