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[sharechat] RBC Buyback


From: "G Stolwyk" <stolwyk@wave.co.nz>
Date: Mon, 13 Aug 2001 15:44:41 +1200


Bought back by RBC:
 
Week 1:                       17.11     mill. shares
         2 ( Last week):      4. 092                   
 
Total                             21.202 mill. shares. ( 28.6% of the 74 mill.bought )
 
Original total to buy: Approx 74 m. Left to buy: 52.8 mill. shares.
 
Outlook: Friday's buyback was not recorded till this morning ( About 1.486 mill shares @ 80 cents).
 
RBC is now in the 40 index; this and the buyback act as props to keep the share price at 79-80 cents. ( Institutions would have obtained sufficient shares some time ago and the additional listing in this index may not have a profound impact, I think ).
 
Theoretically, the share price would rise if a significant portion of shares were deleted by the buyback over a short time.
 
However, the buyback is proceeding at a reasonable slow pace and seems designed to cover a more lenghty period to further developments. That is a sound tactic. The total buyback will be about 21% of the original 352 mill. shares.
 
I expect RBC to keep selling @ 79-80 cents ( 81 cents for a large holding ) till we get closer to any developments.
 
Gerry
Holds RBC
PS: FFS/ FFSPA and RBC holders may want to refer to: " RBC buyback: Calculations needed ", dates: Aug.11-13, 2001. 
 
 

 
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