Buy-back Plan: 8,500,000 shares to purchase in the next 5 weeks!
There are only 24 market days left in Silvercorp's Board-approved (and TSX-approved) plan to repurchase shares ("...because it believes that prevailing market conditions have resulted in Silvercorp's shares being undervalued relative to the immediate and long term value of Silvercorp's portfolio...").
The company has authorized buying 8,500,000 shares during the plan... or an average of 354,166 shares per day remaining. Wow!!! Next month could be a really, really excitement-filled period for the longs.
(Perhaps a good time to stock-up on heart medication. Just in case.)
When the price of silver tanked it would of been irresponsible for the company to use their cash to purchase shares. They went in to a cash conservation mode. The dividend was continued to make it harder for the shorts. This made the shorts responsible for paying the dividend to the owners of the shares.
What was the price of silver when the buy back was announced ? A lot higher. Silver has moved down with gold but one day the will decouple because silver will be in short supply and gold won't be as much.
Huh??? Not even for any of these past two months of steadily below $3.00 per share?
Ludicrous to suggest even now it'd be "irresponsible" of mgmt to buy back their daily 55,000+ diet of stock off the market. Right through the end-of-period plan in Feb. '14.
As you say, they WENT into cash conserve mode...as in, Been there, done. But, squandering then closing boasted mine "expansion" sites or selling off operations...isn't that exaggerated to be $100-million plus of cash on the books still aptly adequate for repurchasing a number of millions of shares??? Hmmm, could be taking out a fair chunk of stock anywhere at, just above, and definitely under $2.50 CAD stock.
You are still of the opinion that they must post their transactions and I don't believe they do. Regardless, if they voluntarily filed with some other organization in the past. They are not compelled to do so. Although it sure would be fun if it were true that they had yet to buy any stock back; and as you say, have to buy it all back in 5 weeks.
It appears as though the buy back was just a bluff to scare the "short and distort" shorts. Also, holding off ended up being a good call since the share price went lower all year. Hopefully silver turns around in 2014. That is the single most important factor facing all the miners currently.
I decided to email investor relations about this matter yesterday. I stated I had shares and recently added to my holdings with concern. Not sure what to expect though as bitcoinisnotau isn't exactly an endorsement for seriousness. They can see my first name though. I will post any findings here. Good luck to us all!
Uhhh, I don't know how to tell you this, it's not a matter of what you believe -- SVM is a Canadian public corporation, and as such they are required to file certain transaction-related documents on the SEDI* system.
* "The System for Electronic Disclosure by Insiders (SEDI) is Canada's on-line, browser-based service for the filing and viewing of insider reports as required by various provincial securities rules and regulations."
I can't say for sure if SVM has in fact secretly purchased any shares under its current repurchase plan -- but I can say they have not yet reported any. As for "having" to buy all 8,500,000 authorized shares in the next 5 weeks... well, if it wasn't clear from the context, I was being facetious... they don't "have" to buy any. And no doubt they won't, either.