re: Ann: Daily share buy-back notice - Append...
About 30% of the first $5 million buy-back remains.
Given our cash position, I think the buyback has been a good move by management and it is soaking up plenty of the stock that is being thrown around/traded on market. Certainly the share price has been very strong since the buyback began, and the SP is up about 23% since it began although some of that should be attributed to positive announcements over that time.
It will be very interesting to see if management approves a further $5 million (as per the original proposal)to complete the full $10 million of buyback funds.
I'm thinking that once the binding MOU with FMG is formalised and we receive $25 million it becomes a bit of a no-brainer to complete the full $10 million buyback.
If we do see a further $5 million dedicated to buying back stock it's not unreasonable to predict possibly another 20% being added to the share price placing us at $2(ish) barring bad news or global mayhem.
IOH Price at posting:
$1.72 Sentiment: Hold Disclosure: Held
