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Buying back shares.Dunno why they continue to buy back shares at these prices. Let the shares fall near cash value (around $1) and then start buying. Pretty sure in this environment, the share price would get there... Yemen is about to implode again. Rival factions (Sunnis vs Shia) at each other's throats. Nothing new, but damn, who would buy anything in that shithole? It's like buying something in Syria or Iraq... CALVALLEY PETROLEUM INC., (TSX: CVI.A) ANNOUNCES AMENDMENT OF NORMAL COURSE ISSUER BID Calvalley Petroleum Inc. has received notice that the Toronto Stock Exchange (TSX) has approved, effective Oct. 28, 2014, an amendment to its existing normal course issuer bid (NCIB) to purchase outstanding Class A common shares of the company on the open market, in accordance with the rules of the TSX. Under this approval, Calvalley is authorized to increase the maximum number of common shares that may be purchased from three million common shares to 3,650,640 common shares representing respectively approximately 7 per cent and 8 per cent, of the public float as at Aug. 1, 2014. Calvalley has purchased three million common shares under the NCIB in the period Aug. 18, 2014, to Oct. 20, 2014, through the facilities of the TSX and alternative trading systems, at an average price of $1.28 per common share. Unless Calvalley is utilizing a block purchase exemption, as permitted by the TSX, purchases under the NCIB are subject to a daily purchase restriction to a maximum of 10,333 common shares per trading day. As of Oct. 22, 2014, there are 74,934,186 common shares outstanding. Calvalley is authorized to make purchases during the period of Aug. 18, 2014, to Aug. 17, 2015, or until such earlier time as the NCIB is completed or terminated at the option of Calvalley. Any common shares Calvalley purchases under the NCIB will be purchased on the open market through the facilities of the TSX and/or alternative trading systems at the prevailing market price at the time of the transaction. Common shares acquired under the NCIB will be cancelled. Calvalley's board of directors believes, from time to time, the market price of its common shares may not reflect their underlying value. The company acquired 1,451,640 common shares at an average cost of $1.68 per common share under its previous NCIB which expired on March 18, 2014. On March 5, 2013, pursuant to an offer to purchase and issuer bid circular dated Jan. 22, 2013, the company acquired 15 million common shares at a price of $2.45 per common share. We seek Safe Harbor. |
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Msg # | Subject | Author | Recs | Date Posted |
540 | Re: Buying back shares. | Dave4444 | 0 | 10/24/2014 8:11:44 AM |