@UncleWally They have cancelled that notice & now advise that they've already done the buyback on 19/2/24...

But agree with you, they must think the stock is undervalued...

Cheers

mmff

According to their first announcement, it looks like PME bought back 11,300 shares on the 19th (yesterday) at between $85.80 and $89.67, and that they can buy back up to 10% of their SOI, being 10,443,225 of the 104,432,253 shares they had on issue at the time of the buyback announcement in April 2023. Yesterday was the first time they have actually bought any shares back under this buy back that has been in place since April and is due to end in April this year, unless extended, all according to that first announcement.

The correction and "cancel" announcements seem to suggest that there was still 11,300 shares bought back yesterday, at $87.74, which could be the average price paid, and that was part of a buyback that is now closed. It would appear now that there is no longer an open buyback in place for PME and the 11,300 shares they bought back yesterday is a one-off?

Thanks @Bear77 and @mmff I see that now.

Going by today's price action, there's plenty out there that must think they are undervalued too.

I HOLD IRL but not buying at this price..

I would be more excited if the directors were buying at this price with their own money rather than using shareholder money to send a message but its an interesting move