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Spectrum Group International Inc. Message Board

  • dbtunr dbtunr Feb 11, 2013 11:55 AM Flag

    $5M buyback

    how crazy is that? they just did a secondary at a big discount where insiders were able to buy at that discount and now they have a share buyback. why don't they buy the Afinsa shares which are worth more than the $5M?

    this company is still dirty

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    • company just bought back 47,603 shares from a Director for $2/sh. shares were cancelled. So they aren't buying back on the open market. They are buying below market. Insiders are selling below market. curious.

      I think this same Director bought a bunch at $1.90 just a couple months back.

    • They bought 15.6M shares from Afinsa, including their 20% stake in Spectrum PMI (A-Mark), for $51.2M, or $3.28/share, which closed in September 2012. Existing shareholders were givin a right to buy 1.5 additional shares at $1.90/share for each share they already owned, and $22.8M was raised from shareholders. It is too bad you did not participate in this offering because you would be able to sell your shares for more than that now. It seems you have a major axe to grind here, so why not sell your shares and move on...or sell short, if you are bold enough. Anyway, a $5M share repurchase makes a lot of sense at anything below $3/share. Maybe we can even pick up Afinsa's remaining shares at something closer to $2 now. I am not sure why this is so bothersome to you. And if the compamy wants to issue more rights to existing shareholders at $1.90/share, I will again exercise those rights. Sorry you apparently did not, sir.

 
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