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Silvercorp Metals Inc. Message Board

  • asianvest asianvest May 18, 2013 12:12 AM Flag

    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

    Insider option grants awarded concurrently: 285,500

    [[[And yes, the same management was actively repurchasing shares of NUX this past week.]]]

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    • 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")

    • at this point., the game is life or death. If they want to survive silver downturn, they have to cut capital spending and reserve cash, prepare for long-lasting silver winter.

      • 2 Replies to fasebyao
      • but fasebyao.

        We should continue to ignore asianvest as he keeps spamming is stupidity

      • sigh anyway fasebyao this goes for all companies in the silver sector it is life or death hl used up all their cash reserves purchasing AZK.

        cde and such are all in bad shape.

        AG got a good sized compensation at least from azk for azk saying no to the deals so they got a cash infusion.

        lucky them.

        HL took them though but markets seem to like hl more for their lack of funds? very strange with HL having the least likely hood of survival right now kinda ridiculous

        but CDE also bought orko? was it from exk or ag I forget but.

        they both got out good then. lucky for them.

        but they are shorted more than both cde and HL.

        what is up with this about shorting companies more that got out of deals that would have destroyed them and pumping up bad deals that are destroying them though?

        very strange indeed

        wallstreet scammers.

    • I hope someone will ask management about the status of the repurchase plan (lack of implementation, and lack of insider purchases) on this week's conference call.

      I'm very curious to hear the rationale given.

 
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