@crosscourt, in response to your statement, “they had lots of room in the authorization to buy with both fists on or around November 28 for $4.57 or so. Makes me wonder why they decided not to use that cash as the price plummeted”
SEC Rule 10b-18 govern how a company may repurchase shares to prevent violation of anti-fraud. The repurchases must fall within the four condition of the rule.. These cover the manner of purchase, the time of the repurchases, the prices paid and the volume of shares repurchased. NTP being a micro-cap that is thinly traded is severely limited with the amount of shares they can purchase based upon the average daily volume.
• Volume: The issuer can't purchase more than 25% of the average daily volume.
• Manner of purchase: The issuer or affiliate must purchase all shares from a single broker or deal during a single day.
• Timing: An issuer with an average trading volume less than $1 million per day or a public float value below $150 million is unable to trade within the last 30 minutes of trading. Companies with higher average-trading-volume or public float value can trade up until the last 10 minutes.
• Price: The issuer must repurchase at a price that does not exceed the highest independent bid or the last transaction price quoted.
The SEC also specified more detailed disclosure requirements for repurchases. In each quarterly report on Form 10-Q and in the annual report on Form 10-K, the company must provide a table showing, on a month-by-month basis: the total number of shares purchased, the average price paid per share, the total number of shares purchased under publicly announced repurchase programs, and the maximum number of shares that may be repurchased under these programs (or maximum dollar amount if the limit is stated in those terms).
My apology, but, I don't have the context of your response of '12 & 11'.
O I agree that KZ prices are all over the place.
O KZ being a micro cap and thinly traded can be easier to manipulate by some traders.
O If you cherry pick your prices with 52 Wk Hi-Lo, most stocks can show a 25-40% loss.
However, since I am not a trader, I view the price moves as "noise", as I believe micro-caps (KZ) can become be a 3-4 Baggers before a large cap. For now, KZ is about break even for me. I'm not happy, but, it's not my worst performing stock in my portfolio.
Are you a new investor to make such faulty conclusions?
I don't profess, like you, to see actions and summize as "further proof" of anything. I don't know without facts.
Before you jump to conclusions, have you concidered:
1) Purchases are typically pre-planned dates in advance of the purchases..
2) Purchases are decided based on "basket" of shares over period.
This prevents overpaying higher prices on a thinly traded company. In other words, KZ shouldn't out bid themselve in chasing for more shares.
Conversely, KZ wouldn't want to chase down the share price causing an artificial shareprice or worse a panic on shareprice.
If either scenario happen, I am sure bonehead investors and litigious American investors would file a class action lawsuit in a heartbeat against KZ.
Have you even consider such scenarios? You should.
"This is more proof of most company's inability to purchase shares at the optimum price."
That is #$%$ being spouted. Your criteria to judge a company's ability to execute buyback is #$%$ poor. You only spouting B$ FUD or you must be very new at investing.
Take some time to read other companies "ability" in share buyback vs authorization for purchase. Many times companies don't even achieve actual 15% purchases over a 5 year program. KZ program lasted only from May to Nov. 2014.
IF KZ is indeed "far and away the worst performing stock in my portfolio over the last 12 months." you are a great investor. KZ opened around $6.58/shr in the beginning of the year. As of today, it is at $6.09/shr, this is after a $0.88/shr. For KZ to be your worst performing stock, your other picks must be much superior.
Please share with us:
1) What is your criteria in picking your other winning stocks? What are your winning investments?
2) What went wrong in picking KZ? Did management fraudulently manipulated any information?
Nice cordial message. What was the respone? Hope you didn't just leave the message and hoping for a response on a message blog forum.
Current year & prior year comparisons are next to impossible!
Revenue income and Impairment charges, “discontinued operations (Shenzhen and Wuxi facilities)” are so convoluted. For instance, As for our Wuxi plant, all production line machinery has been sold and the factory building continues to be listed for sale; comprehensive income separately under the income (loss) from discontinued operations (net of tax) and not included in the presentation of rental income, net rental income and operating loss that form parts of the operating loss of "continuing operations"
To make it simpler to understand, I’m just going with NTP PR release on 11/03/14:… The current headcount of our Group is approximately 70 and we believe that our overhead expenses are under control. The Company currently derives a majority of its income from rental and interest income. As of September 30, 2014, total cash was $301.3 million. As a result of our cash position, we believe the Company's finances remain healthy to fund the initial stages of these property development projects in the next two to three years. We continue to focus our efforts on developing the two parcels of land in Gushu, Shenzhen, and Guangming, Shenzhen.
Continuing operations (Cash Flow??): $0.4mill as of Nine months ended 09/30/14.
• Net Rental Income: $0.8mill.
• Interest Income: $6.7mill
• Admin Expenses:$7mill
At current price, NTP provides an attractive dividend yield of 1.80% .
NTP PR announced on 11/03/14:
The Company announced today that its Board authorized a plan, same as 2014, to distribute annual dividend of $0.08 ($0.02 x 4 quarters) per outstanding share of the Company's common stock, effective from the first quarter of 2015. After extensive review, the Board determined that the distribution of an annual dividend of $0.08, which maintains our dividend distribution program at a competitive level, is a prudent measure, in view of the fact that we have sufficient cash on hand to support our current share buyback program and the overhead expenses related to the land development projects in Shenzhen. The Company recognizes the importance of the dividend to our shareholders and the significance of this decision, and believes it is the right action at this time given the highly competitive market environment to further strengthen the Company for the long-term, while still providing an attractive dividend.
Quarterly Payment Record Date Payment Date Dividend (per share) Status
Q1 2015 December 31, 2014 before January 31, 2015 $0.02
Q2 2015 March 31, 2015 before April 30, 2015 $0.02
Q3 2015 June 30, 2015 before July 31, 2015 $0.02
Q4 2015 September 30, 2015 before October 31, 2015 $0.02
Total for Full Year 2015 $0.08
The Company's decision to continue dividend payments in 2015 as set out and confirmed in the above table does not necessarily mean that cash dividend payments will continue thereafter. Whether future dividends after 2015 are to be declared will depend upon Company's future growth and earnings at each relevant period, of which there can be no assurance, and the Company's cash flow needs for business transformation. Accordingly, there can be no assurance that cash dividends on the Company's common shares will be declared beyond those declared for 2015, and we also cannot assure you that the amounts of such dividends will be or whether such dividends, onc
How did you determine 1/2 of the projected US$40 million buyback was completed?
My information, albeit, very rough calculations shows 25% completion as of October 31.
..... NTP has spent $12mill to $15.4mill (avg share price of $6-$7) of the original US$40 million stock repurchase program.
As of October 31, 2014, 2,199,000 common shares had been bought back from the open market at the prevailing market price under our stock repurchase program announced on May 7, 2014.
First of all, are you a KZ stock holder?
If you still haven't received your dividend. I suggest you investigate/research with your broker, instead of fiddling on an internet blog. Afterward move your accounts and trades to a reputable brokerage firm.
Welcome aboard. Wish you much success in owning KZ.
I've been a long time investor and pleasantly surprised with the recent dividend. Their recent gaming venture appears to be better use of capital than their WVAS offering.
What results were you expecting to be consider "better"? How much better could KZ get? Were your expectation realistic?
Since KZ is not a "leader", the market, or other sexy stock, will likely dictate or severely influence KZ share prices.
KZ has rewarded investors a 13% dividend AND KZ share price has recovered to dividend disbursement prices.
Cool with that. Lowered my entry price some more!
Is this the sign of more positive trend? Stay tune