I am sure it has to do with the major shareholder, Shagang that has 47% of issued shares - they probably don't want to get to 50% as it would mean consolidating accounts of Grange, so they would have to sell into the buy-back to maintain their percentage. So there's no real benefit for them except for the sale proceeds, so it probably will never happen.
So if you do a 10% buy-back, maybe 5% will come from Shagang and 5%(58mil shares) from other shareholders.
I am sure it has to do with the major shareholder, Shagang that...
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Last
23.5¢ |
Change
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Mkt cap ! $266.1M | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
|---|---|---|
| 5 | 311733 | 23.5¢ |
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| Price($) | Vol. | No. |
|---|---|---|
| 24.0¢ | 11914 | 3 |
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