Insimbi is to embark on a programme to repurchase a maximum of 3 million shares over a period closing at the end of May.
It will be interesting to see how this buy back will impact on the share price since very few shares trade on a daily basis.
Posted 15 March 2018 - 02:45 PM
Insimbi is to embark on a programme to repurchase a maximum of 3 million shares over a period closing at the end of May.
It will be interesting to see how this buy back will impact on the share price since very few shares trade on a daily basis.
Posted 07 December 2017 - 12:35 AM
Posted 27 November 2017 - 03:45 PM
Closing
Price Months after announcement(growth since Day 1)
Share Date of announcement Day 1 6 months 12 months 18 months 24 months
MUR1 03/11/2016 9.38 13.11(40%)
ART2 30/08/2017 4.65
SNH3 24/10/2017 61.40
CTA4 15/11/2017 0.75
AW5 21/11/2017 18.14
GPI6 14/09/2017 3.52
1. R250 million. The shares repurchased as a result of the Share Repurchase will not be cancelled and will be retained as
treasury shares. Those shares repurchased and held in treasury will not have any voting rights.
2. 20% of the issued ordinary share capital of Argent. The ordinary shares repurchased will be de-listed and cancelled.
3. The company repurchased 78 383 178 (R4.8 billion) Steinhoff shares, representing 1.8% of its issued share capital. The Shares acquired by the Company (or held by subsidiaries of the Company) will be treated as treasury shares and accordingly reduced the number of voting interests.
Share prices not mentioned so closing price on 24/10/2017 is used.
4. 25 million shares at an average cost of 75 cents per share .
5. 8 264 654 ordinary shares representing 4.96% of the Company's issued share capital (excluding treasury shares)were cancelled. Total value of shares repurchased: R161 068 541. Following the repurchase, the extent of the general authority to repurchase shares outstanding is 25 081 860 ordinary shares, representing 15.04% of the total issued share capital of Alviva.
6. 15.0 million shares. These shares were subsequently cancelled.
Posted 23 November 2017 - 12:39 PM
Closing
Price Months after announcement(growth since Day 1)
Share Date of announcement Day 1 6 months 12 months 18 months 24 months
MUR1 03/11/2016 9.38 13.11(40%)
ART2 30/08/2017 4.65
SNH3 24/10/2017 61.40
CTA4 15/11/2017 0.75
AW5 21/11/2017 18.14
1. R250 million. The shares repurchased as a result of the Share Repurchase will not be cancelled and will be retained as
treasury shares. Those shares repurchased and held in treasury will not have any voting rights.
2. 20% of the issued ordinary share capital of Argent. The ordinary shares repurchased will be de-listed and cancelled.
3. The company repurchased 78 383 178 (R4.8 billion) Steinhoff shares, representing 1.8% of its issued share capital. The Shares acquired by the Company (or held by subsidiaries of the Company) will be treated as treasury shares and accordingly reduced the number of voting interests.
Share prices not mentioned so closing price on 24/10/2017 is used.
4. 25 million shares at an average cost of 75 cents per share .
5. 8 264 654 ordinary shares representing 4.96% of the Company's issued share capital (excluding treasury shares)were cancelled. Total value of shares repurchased: R161 068 541. Following the repurchase, the extent of the general authority to repurchase shares outstanding is 25 081 860 ordinary shares, representing 15.04% of the total issued share capital of Alviva.
Edited by Bullhunter, 23 November 2017 - 12:40 PM.
Posted 15 November 2017 - 01:14 PM
Price (close), months after announcement, growth since month 0
Share Date of announcement month 0 6 months 12 months 18 months 24 months
MUR1 03/11/2016 9.38 13.11(40%)
ART2 30/08/2017 4.65
SNH3 24/10/2017 61.40
CTA4 15/11/2017 0.75
1. R250 million. The shares repurchased as a result of the Share Repurchase will not be cancelled and will be retained as
treasury shares. Those shares repurchased and held in treasury will not have any voting rights.
2. 20% of the issued ordinary share capital of Argent. The ordinary shares repurchased will be de-listed and cancelled.
3. The company repurchased 78 383 178 (R4.8 billion) Steinhoff shares, representing 1.8% of its issued share capital. The Shares acquired by the Company (or held by subsidiaries of the Company) will be treated as treasury shares and accordingly reduced the number of voting interests.
Share prices not mentioned so closing price on 24/10/2017 is used.
4. 25 million shares at an average cost of 75 cents per share
Edited by Bullhunter, 15 November 2017 - 01:15 PM.
Posted 06 November 2017 - 02:23 PM
Allan Gray still hold almost 15%, even after having reduced their stake recently. This from SENS on 30/10/2017;
"Allan Gray Proprietary Limited acting on behalf of its clients
(“Allan Gray”) have, in aggregate, disposed of an interest in
the securities of the Company, such that the total interest in
the securities of the Company held by the clients of Allan
Gray amounts to 14.955% of the total issued share capital of
the Company."
Allan Gray could very well push for some value unlock (they probably see value in some of the underlying businesses). It may be worth riding on their tailcoats!
In regard to Argent's NAV, do you think that it could be overstated? Post the March'17 results, they have impaired some businesses. Yet, even at half the NAV,it stll trading at a significant discount. Do you know what percentage of NAV is made up of Cash??
Also, I think that they do have a good dividend paying history, if memory serves.
Finally, let's not forget the share buybacks!
Allan Gray's lower stake is in all likelihood due to a sale to Milkwood
Posted 03 November 2017 - 04:55 PM
Posted 03 November 2017 - 04:37 PM
From what I know Milkwood is a value investor, who probably just see value due to NAV being higher than price. I know they were invested in Gooderson at same time as me, and that worked out well. Personally not sure on this one, so many other great shares trading below NAV that I have not researched extensively yet.
Posted 02 November 2017 - 04:17 PM
From what I know Milkwood is a value investor, who probably just see value due to NAV being higher than price. I know they were invested in Gooderson at same time as me, and that worked out well. Personally not sure on this one, so many other great shares trading below NAV that I have not researched extensively yet.
Sens trading statement today:
Basically, after restructuring its businesses and selling properties, earnings have reduced significantly but the cash position of the company has improved dramatically in the last six months . The excess funds held in South Africa will be utilised by the group to continue repurchasing its shares. Argent's closing price today was R3.75 while NAV as at March 2017 was R13.49.
The company will be expanding its foot print in the United Kingdom.
Is the Milwood Fund's (based in London) significant investment in Argent (from 6.6% in late September to 20.4% one month later) an indication that they know something about the U.K expansion or are they merely buying the excess cash and remaining assets of Argent at a discount?
Posted 01 November 2017 - 07:28 PM
6.8 million Argent shares traded,mostly, at R3.80 on the 24/10/2017. Today 25/10/2017, sens announces that the Milkwood Fund (a London based investor institution) owns 20.4% (19.3m shares) of Argent. Milkwood's initial investment of 6.6% in Argent was announced about a year ago, on 27/09/2016.
Argent itself intends buying back 20% of its shares. However, Argent's liquidity (free float) is 25.19%. Argent has only acquired 0.34% of the possible 20% as at 09/10/2017.Directors have been consistent buyers over the last two years as well.
An demand versus supply situation is building up here and it will be interesting to see what effect this has on the share price.
Sens trading statement today:
Basically, after restructuring its businesses and selling properties, earnings have reduced significantly but the cash position of the company has improved dramatically in the last six months . The excess funds held in South Africa will be utilised by the group to continue repurchasing its shares. Argent's closing price today was R3.75 while NAV as at March 2017 was R13.49.
The company will be expanding its foot print in the United Kingdom.
Is the Milwood Fund's (based in London) significant investment in Argent (from 6.6% in late September to 20.4% one month later) an indication that they know something about the U.K expansion or are they merely buying the excess cash and remaining assets of Argent at a discount?
Posted 01 November 2017 - 06:58 PM
Great idea to keep track of share buybacks, Bullhunter. I think, generally, IF The Timing Is Right, buybacks enhance shareholder returns and, thus, are very positive for the share price long-term ( unlike the Anglos buyback at peak prices, as mentioned by you!).
Many companies have shown that they are poor allocators of capital and squander surplus cash by making ill-timed acquisitions, often permanently destroying shareholder capital. I would rather the company buyback shares, than make acquisitions that destroy value. However, they should evaluate whether a buyback would be more rewarding to their shareholders than a dividend / special dividend would be.
With regard to Murray&Roberts, the massive spike in the share price happened when a German company bought a big stake ( 25%, I think) at a huge premium to the trading price at the time. If memory serves, the share jumped from around R11 to over R15 on the announcement, and has traded around R15 to R17 since then.
Business is easy. It's the timing which is difficult.
Posted 25 October 2017 - 11:06 PM
Posted 25 October 2017 - 06:50 PM
6.8 million Argent shares traded,mostly, at R3.80 on the 24/10/2017. Today 25/10/2017, sens announces that the Milkwood Fund (a London based investor institution) owns 20.4% (19.3m shares) of Argent. Milkwood's initial investment of 6.6% in Argent was announced about a year ago, on 27/09/2016.
Argent itself intends buying back 20% of its shares. However, Argent's liquidity (free float) is 25.19%. Argent has only acquired 0.34% of the possible 20% as at 09/10/2017.Directors have been consistent buyers over the last two years as well.
An demand versus supply situation is building up here and it will be interesting to see what effect this has on the share price.
Posted 25 October 2017 - 12:39 PM
Share Price (close), months after announcement, growth since month 0
Share Date of announcement month 0 6 months 12 months 18 months 24 months
MUR1 03/11/2016 9.38 13.11(40%)
ART2 30/08/2017 4.65
SNH3 24/10/2017 61.40
1. R250 million. The shares repurchased as a result of the Share Repurchase will not be cancelled and will be retained as
treasury shares. Those shares repurchased and held in treasury will not have any voting rights.
2. 20% of the issued ordinary share capital of Argent. The ordinary shares repurchased will be de-listed and cancelled.
3. The company repurchased 78 383 178 (R4.8 billion) Steinhoff shares, representing 1.8% of its issued share capital. The Shares acquired by the Company (or held by subsidiaries of the Company) will be treated as treasury shares and accordingly reduced the number of voting interests.
Share prices not mentioned so closing price on 24/10/2017 is used.
Posted 23 October 2017 - 10:30 AM
Got burnt so bad with that company. eish.
Posted 23 October 2017 - 06:52 AM
I think Achor Capital too
Share buy backs on behalf of the company, not in the director's personal capacity as is the case of Anchor capital, who have been buying back their company's shares at inflated prices, only to see them decline to current levels.They seem to be to be suffering from the human condition of 'anchoring':
http://www.investope...-adjustment.asp
Posted 21 October 2017 - 09:17 PM
I think Achor Capital too
Posted 20 October 2017 - 06:52 PM
From time to time dIrectors of companies, with the approval of their shareholders and auditors, propose buying back their company's shares because they perceive them to be cheap.
For the likes of Anglo and Cynthia Carol,buying at the top of the resources boom, the buy back was an absolute disaster- the old dictum says you should be buying when there is blood in the streets.
Looking at current buy backs, it will be interesting to see the effect on the share price as measured over at least a 2 year period after the announcement of the of the buy back.Here are a few to start tracking:
Share Price (close), months after announcement, growth since month 0
Share Date of announcement month 0 6 months 12 months 18 months 24 months
MUR* 03/11/2016 9.38 13.11(40%)
ART** 30/08/2017 4.65
*R250 million. The shares repurchased as a result of the Share Repurchase will not be cancelled and will be retained as
treasury shares. Those shares repurchased and held in treasury will not have any voting rights.
** 20% of the issued ordinary share capital of Argent. The ordinary shares repurchased will be de-listed and cancelled.
Please advise of any other companies currently undertaking share buy backs so that we may follow them.
Edited by Bullhunter, 20 October 2017 - 06:53 PM.