Update on Green Packet's Share Buybacks

Here's an interesting update to the posting, Regarding Green Packet's Share Buybacks.

Firstly, I would like to repeat the facts on Green Packet's Share Buybacks.

1. Dec 26th. 2007 Notice of Shares Buy Back - Immediate Announcement
Lowest price paid 2.38. Highest price paid 2.50.

2. Dec 27th. 2007 Notice of Shares Buy Back - Immediate Announcement
Lowest price paid 2.43. Highest price paid 2.53

3. Dec 28th. 2007 Notice of Shares Buy Back - Immediate Announcement
Lowest price paid 2.54. Highest price paid 2.80.

4. Jan 2nd 2008. Notice of Shares Buy Back - Immediate Announcement
Lowest price paid 2.80. Highest price paid 2.93.

So, from Dec 26th 2007 to Jan 2nd 2008, Green Packet's share buybacks saw it paid a lowest price of 2.38 and a highest price of 2.93!

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What's interesting is how the stock traded after this period. Have a look below at Green Packet's trading data from Dec 26th to Jan 16th. (I thought it would be extremely interesting to see how Green Packet performed for the next 2 weeks)



As can be seen from the snapshot above, Green Packet closed at 2.44.

And what's significant about 2.44?

Well remember the highest price paid by Green Packet during this period is 2.93!!!!!

And here's an even more interesting issue. Yesterday, Green Packet was up a whopping 34 sen.

First thing that came my mind.... is Green Packet's share buybacks.

On the 13th Feb 2008

• Date of Buy Back : 13/02/2008
  Description of Shares Purchased : Ordinary Shares of RM0.20 each
  No. of Shares Purchased : 41,900 shares
  Minimum Price Paid For Each Share Purchased : RM 2.250
  Maximum Price Paid For Each Share Purchased : RM 2.350
  Total Consideration Paid : RM 96,951.86
  No. of Shares Purchased Retained in Treasury : 41,900 shares

On the 14th Feb 2008

• Date of Buy Back : 14/02/2008
  Description of Shares Purchased : Ordinary Shares of RM0.20 each
  No. of Shares Purchased : 324,800 shares
  Minimum Price Paid For Each Share Purchased : RM 2.220
  Maximum Price Paid For Each Share Purchased : RM 2.290
  Total Consideration Paid : RM 739,538.04
  No. of Shares Purchased Retained in Treasury : 324,800 shares
  No. of Shares Which Are Proposed To Be Cancelled : shares
  Cumulative Net Outstanding Treasury Shares As At To-Date : 3,013,200 shares

Yesterday, 15th Feb 2008

• Date of Buy Back : 15/02/2008
  Description of Shares Purchased : Ordinary Shares of RM0.20 each
  No. of Shares Purchased : 53,700 shares
  Minimum Price Paid For Each Share Purchased : RM 2.290
  Maximum Price Paid For Each Share Purchased : RM 2.540
  Total Consideration Paid : RM 128,604.60
  No. of Shares Purchased Retained in Treasury : 53,700 shares
  No. of Shares Which Are Proposed To Be Cancelled : shares
  Cumulative Net Outstanding Treasury Shares As At To-Date : 3,066,900 shares

Oh my... another round of aggressive share buybacks from Green Packet!

And don't you think Green Packet's share buybacks is clearly driving the share price much higher?

Now Green Packet share 'could' go probably go up some more due to this aggressive action by Green Packet but do remember what happened during their other aggressive action in Dec 2007. See how Green Packet plunged again back on the 2rd Jan 2008? On that day Green Packet lost 14 sen and by the 16th Jan 2008, Green Packet plunged 46 sen from its high of 2.90 achieved on 31st Jan 2007! Dejavu again?