Makes total sense to me. They have 5 percent cash on hand and have been active in the portfolio management.
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Mandate says 6% discount to NAV after incorporating market moves after the last reported NAV ...as per that buying back at 5% discount maybe overkill !!
They will have a plan to do everything within their control to ensure the best value for shareholders.
Buying back stock is an important part of ensuring shareholder value.
They want to get the warrants across the line come October.
The current buy-back appears to break this policy
As per the current Share Buyback Policy, Barramundi will only buy back shares if the discount to the
last published net asset value is greater than 6%.
My understanding was that the policy was 'triggered' at 5 percent.
Either way, it makes sense to include buy backs with the current high level of cash in the bank account if the opportunity exists.
Today was a decent day on the ASX.
BRM NAV just on 79 cents.
The head shares and warrants are looking very cheap based on today's closing prices.