Sunpower Ltd

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5 years 5 months ago - 5 years 5 months ago #24606 by BNN
Replied by BNN on topic Sunpower Ltd
Sunpower announced it has gotten a share buyback mandate today. I expect that Sunpower will start buying back shares probably next week, otherwise it will be ridiculed as wasting time and effort & money to organise a Special General Meeting today to obtain the mandate. There is a small window (over the next 4 weeks) for Sunpower to buy back shares before a 1-month blackout period ahead of its FY18 results announcements.
Last edit: 5 years 5 months ago by BNN.

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5 years 5 months ago #24608 by BNN
Replied by BNN on topic Sunpower Ltd
Yes!
Sunpower's very first share buyback took place today:
183,000 shares at 31-31.5 cents.


infopub.sgx.com/Apps?A=COW_CorpAnnouncem...b7c#.NextInsight.net

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5 years 5 months ago - 5 years 5 months ago #24621 by pine
Replied by pine on topic Sunpower Ltd
No buyback yesterday &, likely, today. Because the stock price at 38-39 cents is out of reach of the share buyback scheme, under SGX rules.

The rule is :

Companies buying back shares via on-market acquisitions must not pay more than 105% of the average closing market price of the security over the last 5 consecutive active trading days in the security.

What it means: For Sunpower, If its share price can keep to at least 38-c level for another 3 days, Sunpower will be able to come out and buy.
Last edit: 5 years 5 months ago by pine.

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5 years 5 months ago #24632 by walterlim
The following user(s) said Thank You: pine

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5 years 5 months ago #24635 by pine
Replied by pine on topic Sunpower Ltd
As I had estimated, the 5-day average has climbed and, not surprisingly, Sunpower came out again to buyback shares. Just 80,000 shares at 37.5 cents. Hope it turns more aggressive from here on.

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5 years 5 months ago #24637 by walterlim
Replied by walterlim on topic Sunpower Ltd
Also, volume has picked up.

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