Normal Course Issuer BidDoes anyone know of a junior O&G co., besides Find, which is buying back its own shares? I know of companies who get TSX permission for a Normal Course Issuer Bid but then do nothing. Is Find Energy unique? --
Co. announced May 31, 2005 it had received permission from the TSX to buy back up to 2,422,346 shares, over 12 months, in a Normal Course Issuer Bid. Five months later, at the FirstEnergy Conference, it says that it has repurchased 710,400 common shares (29.3% of the total permitted) at an average price of $5.03 for a total price of $3,573,312.
Today, FE closed at $8.60 on a volume of 1,139,209 shares. The moral of the story; $8.60 less $5.03 = $3,57 difference x 710,400 shares = $2,536,128. If Find has waited it would have cost them $2,536,138 more.
Is there anyone on this board who can point to another junior that has both the balls and intelligence to do something similar? Who needs to read "between the lines". This story speaks for itself. Doug