Yes, it will take a while. They timed their buyback well (or fortuitously) as the next two months before the end of the financial year is where many look to trim their stocks which they are down on to offset any capital gains they may have incurred over the financial year.
With the ASX 200 up approx 7% so far this FY, and TCN down 20% (and quite an illiquid stock), the extra liquidity provided by this buyback provides somewhat of an opportunity for holders to exit without crashing the price, and an opportunity for the buy back to be conducted without pumping up the price.
TCN Price at posting:
3.9¢ Sentiment: None Disclosure: Held
