Superior Plus Corp T.SPB

Cut dividend and won't buy shares

[rockmstockm]

Superior's previous NCIB, in respect of which Superior sought and received approval from the TSX, authorized the purchase of up to 12,427,942 common shares and expires on Nov. 9, 2024. As of the date hereof, no common shares were purchased by Superior under the previous NCIB.

[rockmstockm]

In my opinion if SPB board choose to buy public shares to cancel,  it will only be after the self serving director 'insiders' buy a bunch of stock. And they like to issue shares as compensation at poor valuations.

[pierrelebel]

"As of the date hereof, no common shares were purchased by Superior under the previous NCIB." As it turned out, that was a good thing since the shares were trading in the $8 to $10 range for most of that period. Now the shares can be purchased and cancelled at a much lower price for the benefit of sharehiolders. It may be luck but it is all good!

[rockmstockm]

You can say the same thing next year when shares are below 5$

[himmler]

You won't be around in a year to back up what your posting will you?BTW ..many companies get permission to buy back shares ,and don't.Its their choice in case you missed that. Relax pal,your're not the only one underwater with SPB. Only new buyers are doing OK.

[rockmstockm]

Absolutely! But this company specifically said the dividend was secure and a couple months later cut it saying they will use the funds that would have been dividends to buy back stock. It's my opinion they're liars and won't buy back any shares and eliminating 80% of the dividend payout this stock is worth under 5$. 

[pierrelebel]

".... But this company specifically said the dividend was secure...." Could you provide a factual specific reference to your quote (text and date, please)

[rockmstockm]

Sorry it must have been in the conference call. I don't see in new release