Sell @ $0.255
Sold my most expensive ones (Buy @ $0.245 & $0.24 in Nov-12), in anticipation of an interim Div = 0.5ct min. On 10-Dec when 1H results was released, no interim div was declared. Coupled with a not so good 1H results, share price dropped all the way to 21.5ct. Too bad I was busy and had no free cash to buy more.
I was thinking they stopped the interim payout to conserve cash for their ~$27M purchase of an Industrial property but they surprised by starting their Shares Buy-Back on 20-Dec, followed by a more aggressive move on 3-Jan,
| Date | Qty | Avg Price |
| 5-Jan-13 | 3,021,000 | $0.25000 |
| 4-Jan-13 | 1,019,000 | $0.24500 |
| 3-Jan-13 | 8,366,000 | $0.24457 |
| 20-Dec-12 | 1,836,000 | $0.22759 |
The maximum Shares Buy-Back Price is capped at 105% of Avg Closing Price for 5 Working Days.
After the 3 days of aggressive Shares Buy-Back on 3-5 Jan, I was beginning to think this sudden urgency may be due to a possible good response for their 8Raja launch which'll free up lots of cash, now in their Balance Sheet under Development Properties = $75.4M + Profits. Coupled with their traditional strongest Quarter in Q3 (Jan), the NAV ought to be more than 26ct. I was hoping they will do their Shares Buy-Back up to 26ct.
Looks like I was wrong… No Shares Buy-Back after 5-Jan and daily volume had dropped, even though the possible max. buy back price had moved up to 26ct and there were sellers. I think they may have internally capped their Buy-Back price to a max of below current NAV = 25.17ct ie. 25ct. Makes sense as buying above NAV will not add value to shareholders as it reduces NAV.
Finally decided to take some profits, clear my most expensive ones and go into trading mode… 😀