OXX have now updated their website with the news of the buyback by updating the Investor Announcement page.
I still have concerns about the mechanics of the buyback.
ASX Rules require every day that the buy-back remains active the company must lodge an Appendix 3E “Daily Share Buy-back Notice” with ASX, at least ½ hour before daily trading commences, detailing the number of shares bought, price(s) and highest/lowest prices during the buy-back. There has not been one notice lodged since the buyback commenced. Why would this be?
GLOBAL RESOURCE MASTERS FUND LIMITED (ASX : GRF) is a typical ASX listed company involved in an on-market buyback and it lodges daily notices. Refer the ASX website to see their notices.
The ASX website reveals the last sale of OXX shares was on 10 April 2014.
Could the reason for no OXX notices be because the buyback didn't officially begin until 15 April 2014, 14 days after the buyback announcement was lodged with the ASX?
Even though possibly no buyback has yet occurred, shouldn't completed daily notices still be lodged?
In answer to wassa 10/4/2014, buybacks are normally on a first come first served basis, and for this process to be fair, all shareholders need to know of the buyback before it commences. A notice to ASIC as OXX provided 14 days before it lodged the ASX notice on 1/4/2014, would not be fair to all shareholders, only insiders. The only way of reaching all OXX shareholders would be by letter.
OXX Price at posting:
11.5¢ Sentiment: LT Buy Disclosure: Held
