drawing a trend line from the low on Tuesday (end of day) through the dips wed/thurs ends up at a 2.97 close today...
company buyback with volume at current resistance would sure be helpful.
They cannot bid at the market price + a percentage. They must bid at or below the LAST trade price or the CURRENT bid price -- not the highest bid price of the day.
And it is unlikely (and poor execution) for them to try to time the high bid price for the day and buy 60k shares all at that level. They should try to buy all the 60k shares, but at a below-average price so as to improve shareholder accretion from the buyback.
The fact that you don't seem to be understanding what I am saying is what is discomforting me. I have no disagreement except on the rules of the buyback, which I want to make clear to everyone.
The problem is that the company has no interest in getting the price up. Wat they want is just buy back at the lowest price possible, sinve they will be able to get more shares for the allocated USD 20M and effectively privatize the company using as little cash as they can. We need large funds to start investing seriously in this company. I this this is the only solution
I thought about your strategy too. If I put a buy order, say 20K shares, to take out the ask prices, to much higher, I hope the company can then put a larger buy order to support the higher price. I can then even bid even higher, and the company does again too.
But, how do I know whether the company will support my action? And, why not I just wait till the PPs drops a lot so that I can buy more cheaper shares.
I really don't care the PPS, because I have the patience to hold this for 10 years.
Let me make this clear. The buyback will not generate spikes and volume by itself. It will not lift offers. These are SEC rules to prevent market manipulation. It can only buy if someone hits the bid.
Thus, lack of a spike says nothing about whether the buyback is in operation. The only thing that can be said is that if the price goes lower on low volume, the buyback is probably not in effect that day, as it otherwise should be supporting the stock.