For those of you that follow Straker. (ASX:STG) Yesterday they announced they intend to conduct an on-market buy back of its ordinary shares up to a maximum of 3.5m shares, which equates to approximately 5% of the Company’s Issued Capital.
At the current share price this equates to a total consideration of AU$1.7m. The Buy Back will be funded from Straker’s existing cash reserves of approximately NZ$12.4m as at June 30, 2023.
It seems the board of Straker considers "The current share price does not accurately reflect the underlying value of the Company and the Buy Back represents an unambiguous opportunity to add value to the remaining shares on issue. The Buy Back has been prudently configured, taking into consideration the trading liquidity of Straker’s shares and the Board’s priority to retain a strong and flexible balance sheet for future acquisitions and/or new business initiatives."
Straker is also a holding of Bailador (ASX:BTI)
Currently I do not hold Straker but I do hold a small parcel of Bailador IRL.