Hi all Todd Hunter here....I think it is worth just clarifying the safeguard guidelines that we adhere to in regard to the Buyback...there are no "tricks" going on.
- Turners will only buy back Shares through NZX’s trading/order matching system and during normal trading hours (i.e. there will be no off-market transactions).
- Shares will not be purchased at a price which is more than 10% above the average closing price for Shares on the NZSX over the previous five trading days.
- Turners will not take part in the opening transaction on a trading day.
- it is intended that the purchases by Turners over a one week period will not exceed 30% of the volume of Shares traded over that one week period.
The Management and Directors believe this is a good use of our capital at present, and based on the investor meetings I have had this week everyone agrees. You may also have noticed that our Chairman Grant Baker purchased 100,000 shares himself yesterday.
As an aside I am happy to arrange a conference call or meeting with Grant and myself for anyone who is interested in talking through the business or to answer any specific questions.
todd.hunter@turners.co.nz
Thanks
Todd