Morguard Corp T.MRC

NCIB

[pierrelebel]

On September 17, 2021, the Company obtained the approval of the TSX under its normal course issuer bid (“NCIB”)to purchase up to 555,024 common shares, being approximately 5% of the issued and outstanding common shares, and the program expires on September 21, 2022. The daily repurchase restriction for the common shares is 2,088. During thesix months ended June 30, 2022, 5,000 common shares were repurchased for cash consideration of $611,000 at a weighted average price of $122.20 per common share

5,000 shares repurchased folks!!! That's it!!!  Clearly management is NOT supporting the share price with NCIB.  What's the point?
 

[NotDrake]

I guess just have patience if this is a properly sized portion of your portfolio.  Could be a gift at these levels or value trap (not sure how it's possible to say that at 1/3 of NAV).  I assume buybacks in general won't help stabilize the price with very little bid.  Just have to wait for investor interest/volume to increase organically.

[Beabaggage]

tops my list to add more;  they rationalized the portfolio w some good sales at nice profits and used that money to buy an ofc building in Ottawa..so they must be fine w coming maturities in the portfolio; great quarter overall considering covid still going on, huge disc to NAV.  Great value..yes patience. Bea

[Malpeque2]

RAI does not want to share the largess with his public stockholders in the form of any meaningfull dividend or buyback........So you just have to be patient and wait till he dies for a possible policy change here or TWC. 

[WizardFuture]

It's kind of ridiculous they don't use the NCIB. At $360 book value, it's a no brainer to buy like 500 shares a day and it's not a lot of cash... 500 shares a day * 120$ = 60 000$ a day...

[Beabaggage]

agree, and interesting he is buying the debentures personally as well.  The 'fears' about them not being able to refi seem to be stupid imo as they closed on Chicago bldg and Ottawa ofc leased to a strong co.  Any weakness I will keep adding. He is grooming his daughter to take over imo and when they sell things they realize a nice gain to recycle.  I expect small buys and

[NotDrake]

Please smash my head into a wall next time I invest into a genius company or a company that doesn't care about price.  In my book this price action only happens with Morguard's blessing.