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As previously predicted, the NBV per PLAN share increased from $0.119 as at July 31, 2024 to $0.125 as at October 31, 2024. Coincidentally the closing market price for a PLAN share was $0.14 on both these dates. In retrospect, the 696,000 shares acquired in October under the approved NCIB at an average price of $0.12875 should technically not have been purchased as the Company paid more in cash than the shares were worth on the books. That being said, the average price paid for all 2,735,000 shares bought to date under the NCIB was $0.1055, including the 696,000 in October, so still onside in total. I would have preferred to have seen the Company not chose to sit on the sidelines in September and so miss out on acquiring the remaining 2 million shares under the approved NCIB at prices under $0.09 per share. Based on what we now know of the good news that was happening in August and September, I am disappointed our management team decided to postpone further purchases, anticipating (I have to assume) that the market price of a PLAN share would fall below $0.085 per share. When it did not, they had already missed the opportunity, and instead re-entered the market at $0.12875.
Another concrete performance observation that needs to be added to the official Corporate Memory of valuable lessons learned.
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