15 thoughts on “$100MM Buyback Announced”

  1. Several more steps in the right directon. In dollar terms, at least they’re contemplating up to five times the $19.9 million the spent on buybacks in 2021, when they repurchased 14,791 outstanding shares of common stock. But they have a much bigger checkbook right now than $100 million!

    When the board met on March 11, wondering whether they took up any other items on the agenda? For example, recommendations presented by the Nominating and Corporate Governance Committee–on the board member who failed to receive a majority vote and / or potentially de-staggering the board?

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      • “I am Connor MacLeod of the Clan MacLeod. I was born in 1518 in the village of Glenfinnan on the shores of Loch Shiel. And I am immortal.”

        yeah, when we were still a Trust we all wanted to be the Highlander. But now that we are a C-corp, I guess the dream of being the only one has faded. I don’t really see the downside of a larger float except maybe for short term trades around the earnings.

        Too bad, I would have enjoyed taking Cookie’s head (metaphorically). IMO, this cook could use a little shortening.

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  5. Stop buybacks because of “litigation/conversion” for a year or two, then respond immediately to comp themselves with shares after never upholding their end of the bargain, and then shortly thereafter authorize the $100m purchase that has been being requested for years…. But now they are acting in our best interest, right? They are stalling. They are dormie 10 and 8 but are going to be insistent on playing it thru 18. Clowns. How’s that gondola?

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  7. I agree with everyone’s frustration on this blog over the last couple years. However, this is a big win and think there will be bigger wins in the near future. Keep calm and carry on. -Satoshi

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  8. Nice to see this move in the right direction. Agree it could be larger, but it pulls down the massive cash balances and helps avoid making some foolish acquisition.

    The press release doesn’t say if the shares are being retired or held as treasury shares. Am hoping they are retired. Anyone have any clarity on this?

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    • Confirmed by an email from Investors Relations this am. The shares will be held in the treasury. Looks like a big compensation piggy bank.

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  9. Is there any clarity on which situations these shares can be un-retired (for lack of a better term) from treasury? Bought back and torn up seems like a much better option for shareholders obviously. I have no experience with companies that retire to treasury so any advice/experience sharing is appreciated.

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    • The amount of shares is fixed in the charter. Presumably, if they are retired, then the number is lowered and the only way to increase it is via a shareholder vote.

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  10. @310 that concept makes complete sense to me. But these shares aren’t being “retired” they’re being bought and moved to a treasury. That is a lot less clear to me. I can imagine 3 scenarios… they are re-issued, they are held in treasury, they are torn up and the amount of shares in the charter is reduced. I’ve done a light level of D/D on this and can’t figure out if this actually benefits shareholders or if they’re just building up a fund to compensate staff at some future date.

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