(20-09-2012, 08:58 PM)psolhawk Wrote: [ -> ]Puzzling why they did not purchase more when it was wading around 17 cents. Maybe they were too busy at work to monitor their market cap? Seriously, I was thinking if they had run into cashflow problem.
You make a fair challenge psolhawk - one that I felt the need to look into................
Since Cheung Woh's "share buy-back" mandate was renewed at their 25th June AGM.....................
a) there have been a total of 16 (sixteen) SGX trading days where Cheung Woh shares changed hands at a share price less than S$ 0.18/share (24 & 31 July; 1, 3, 8, 10, 15, 16, 21, 22, 23, 24, 27, 29 & 31 August; and 17 September). For a ~ 9 week period Cheung Woh's shares traded for the most part at a price below S$ 0.18.
b) a total of 1,107,000 Cheung Woh shares were traded at prices below S$ 0.180 since the AGM - this corresponds to only ~ 0.36% of the total shares in the company - I submit that this is a miniscule proportion.
c) the lowest Cheung Woh closing price since the end June AGM was S$ 0.167, on 15th August.
During Cheung Woh's extensive and sustained share buy-back programme during the course of the previous financial year, purchases were made at a share price of S$ 0.18.
I conclude, based on the three above share price realities, that Cheung Woh's leadership
probably did not feel the need to intervene. Rightly so in my view. Cheung Woh's BoD has a history of being cold-bloodedly transparent and open in disclosing bad news so if there were critical cash or financial issues, personally speaking I believe these would have been made public.
I would appreciate the views of other forummers on this. May be I see things through overly-rose-tinted-spectacles.
Vested.