Buy-back plan: 15 Weeks, 43% price decline, ZERO shares repurchased
*Results of the Stock Repurchase Program*
Silvercorp's approved share repurchase program (NCIB) runs from Feb 1, 2013 to Jan 31, 2014 and permits the company to repurchase up to 8.5 million shares (limited to 55,693 shares/day, with exceptions).
Weeks since inception: 15
Weeks remaining: 37
Open price on Feb 1, 2013: $4.43
Last close on May 17, 2013: $2.53
Decline to date: 43%
Shares repurchased to date: ZERO
Insider shares purchased to date: ZERO
From the Annual Report (page 28):
"On January 29, 2013, the Company announced a normal course issuer bid which allows it to acquire up to 8.5 million of its own common shares. As at March 31, 2013, the Company has not acquired any of its common shares due to a black‐out period restriction."
(So it's not that they don't want to repurchase shares, it's the "black‐out period restriction")