AGL - Accordant Group. was previously AWF Madison, Allied...

[Snoopy]

Going to take a darn long time to trawl up a cool 1 mill shares at the rate they're coming
over the NZX line of late ..

might have to throw some more bucks at the job, if they want to avoid still being sitting trying to achieve it
this time 4 years down the track ..

http://nzx-prod-s7fsd7f98s.s3-websit...215/343655.pdf

OK, this April 2021 announcement touted buying back 'up to one million shares'. So technically just buying one share could complete the buyback. But it is fair to say the buyback fell well short of its maximum.

The Accordant result for FY2021 came out on 27th May 2021. First shares reported on 31st May as 'bought back'. Last shares reported as bought back on 7th July 2021, but with details reported on 8th July 2021 showed Accordant held 517,289 of its own shares as 'Treasury Stock'. This total had not changed by the time the annual report for 2022 was issued with a balance date of 31-03-2022.

All the shares were purchased within a six week window of the results coming out. I am not familiar with all of the rules around in house buybacks. But six weeks may well be a legal cut off date.

As part of employee share schemes, 885,000 new options were granted during the year (AR2022 p63). During the year 129,200 + 20,800= 150,000 'G share employee plan options' were redeemed by the company for no cash consideration as they expired worthless (AR2022 p62). Add to that total 81,000 more expired options and 66,000 forfeited options (AR2022 p63), and we get a grand total of: 150,000+81,000+66,000=297,000 options withdrawn. This means the net number of options issued over the year was: 885,000-297,000= 588,000. That total isn't too far away from the 517,289 shares bought back in the 2021 buyback.

The next vesting of employee share scheme options does not occur until 1st July 2023. At this time 150,000 are allowed to be exercised at $1.50. There are plenty of company owned shares in the Accordant kitty to cover that. But on 1st January 2024, 637,800 more options are allowed to be exercised at prices between $1.85 and $1.90. This could mean we are in for another share buyback when those FY2023 financial results are announced in May 2023.

SNOOPY