First Magestic MGMT Team- Listen UP- Simple fix to your Stock problems
- Get the board to approve a sizeable stock buyback (just approve it- this will also prepare the company if the stock market drops like a rock and the company can take advantage of this)
- Set aside some cash to buy back some share on an AS NEEDED Basis. There are ways to monitor the Bid/Ask trades and it can be seen when "small orders" may be driving price down.
** This should take care of some of the minuplation that seems to be going on- if they have a harder time minipulating or see strong support in place, they will most likely move elsewhere!! I have seen several large companies do the same strategy and it has worked well- in addition, earnings have the potential to improve depending on how much stock is actually purchased.
Did not realize that anounced a stock buyback option but did catch one item in their anouncement: " through the facilities of the Toronto Stock Exchange or alternative Canadian market places over the next 12 months". The manipulation seems to be going on outside of the TSX so not sure if they can buy back through the NYSE. Bottom line is this is a game that a lot of traders are using and there are ways to address but you have to play the game back. Regarding silver and prices- true they are tied but this stock has dropped significantly with an uptick in silver spot which shows a divergence in coorelation.
First Majestic Silver Corporation (NYSE: AG) announced today that its board of directors has approved a share repurchase program pursuant to a normal course issuer bid in the open market through the facilities of the Toronto Stock Exchange or alternative Canadian market places over the next 12 months. Pursuant to the Share Repurchase, the Company proposes to repurchase up to 5,848,847 common shares of the Company which is the maximum number of shares permitted to be purchased under the TSX rules and represents 5% of the 116,976,940 issued and outstanding shares of the Company as of March 1, 2013
First Magestic MGMT Team can do nothing. The real problem is sliver price. If the silver price goes down, AG stock will go down, no matter what they do. They can't control silver price. What they need to do is to focus on business, waiting for silver price turn-around..