Today trading at $3.90!
With share buyback being implemented anything under $5 is a steal.
I expect a stellar 1 st quarter with more debt being paid down.
$17 million of debt was paid down in one year.
No reason why a distribution cannot be re- instated.
The Toew's stand to add $2,149,277.20 to their income if a .40 cent dividend was introduced.
If they were to put the company for sale it would be valued at a minimum of $6.75.
Cheapest company on the TSE.
Bonnett's to buy back up to 589,491 shares
2012-04-16 07:35 ET - News Release
Shares issued 14,398,545
BT Close 2012-04-13 C$ 3.75
Mr. Murray Toews reports
BONNETT'S ENERGY CORP. ANNOUNCES NORMAL COURSE ISSUER BID
The Toronto Stock Exchange has accepted notice of Bonnett's Energy Corp.'s intention to make a normal course issuer bid through the facilities of the TSX.
The bid will permit the corporation to purchase for cancellation up to 589,491 common shares of the corporation, representing approximately 10 per cent of the corporation's public float of 5,894,914 common shares and which represents 4 per cent of the corporation's issued and outstanding common shares (being 14,432,811 common shares as at April 11, 2012). Daily purchases will be limited to 1,992 common shares, other than block purchases.
Purchases pursuant to the normal course issuer bid may commence on or about April 18, 2012, and will terminate on or about April 17, 2013, or on such earlier date as the corporation may complete its purchases or otherwise terminate the bid. The corporation will pay market price at the time of acquisition for any common shares purchased under the normal course issuer bid.
The board of directors of the corporation believes that the corporation's common shares have been trading in a price range which does not adequately reflect their value in relation to the corporation's business and its future business prospects. As a result, depending upon future price movements and other factors, the board of directors of the corporation believes that the repurchases of the common shares of the corporation are in the best interest of the corporation and represent an appropriate use of corporate funds.
We seek Safe Harbor.