Buying at $10 has been a great strategy. Hardly any time below $10, almost always above $10.
That we are even discussing it at $10 is a joke, and frankly SJ and SK are to blame. There is NO reason not to have a buy-back. A year later, and still no credibility. At least the numbers should eventually take us higher, but once again feeling very frustrated.
Memory, I haven't spoken to them but earlier today I emailed them. A brief email to SK and a longer, pretty direct email to SJ who I think is the bigger roadblock of the two. Some managements have deficiencies and its clear to most everyone that ChipMos continues to fumble the buyback issue. Just because they are running the company doesn't mean their decision making is infallible. How many times have we seen the brightest guys in the room make stupid decisions in corporate America? SJ has to buy back more shares before the final IPO so we can get a better conversion rate, so why keep waiting? Even more than why shareholders want a buyback, he needs to understand that his refusal to support the stock is anti-shareholder, a form of negligence if you will. Sound pretty harsh? I would have said so a year ago but there's no denying it. They've mucked up a golden opportunity time and again and management needs to be called out on it. If the Board is complicit then I will vote against them come August. I doubt the email I sent SJ will get a response because in it I communicated that this is beyond a simple difference of opinion. This is about a CEO who is so wedded to improving the balance sheet that he has to be browbeaten into returning value to shareholders. I suggest anyone who cares email SJ as well.
Agreed, $10 seems like a no-lose level, but it shouldn't even be possible to be near it. SJ and SK should use any financial tactic necessary to buy back stock any time it gets low, buying faster the lower it gets. The irony is that if they did that, they probably wouldn't even have to buy much back because the price would rise just with the promise of action. If it drops super low and they buy some back cheaply, great. If the price shoots up and they only continue buying at a very slow speed to conserve their precious Chipmos Bermuda cash, still great. Win-win.
Oh well. I can dream. As Caff and Dave said, it's now just a waiting game til the pieces come together.