PHX Energy Services Corp T.PHX

BUYBACKS: Nov = 1,322,100 for CAD11,237,850 !!!

[JohnSP]

BUYBACKS: Nov = 1,322,100 for CAD11,237,850, filed Dec 1, 2023. That's 3.8% of current float in 1 month (2.7% of outstanding).

Current NCIB approved Aug 16 is for max 10% of float on that date of 3,552,810 shares.

Aug = 908,200
Sep = 292,500
Oct = 0
Nov = 1,322.100
Total = 2,522,800, 71% of NCIB.

One more monthly buyback like Nov and NCIB is maxed, then what to do with extra cash?

[TimeScape]

Great to see such a large buyback!!  Maybe a substantial issuer bid coming some time in 2024, or a Dutch auction.

[JohnSP]

SIB would be nice, but I think Nov buybacks were catchup for none in October (when shareprice was low, unknown why). Q1 Excess Cash Flow was CAD19.2 mln, Q2 = CAD25.5 mln, Q3 = 25.7 mln, annualized (ok not fair) is CAD100 mln, Market Cap is CAD450, so 22%. As per ROCS policy, payout 70% directly to shareholders ie 15.6%. Base Div is already high at ~8.6%, so no need to raise. Leaves 7% for