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New Buy Back Oct 2019

lse:sle

#1

The first day of the buyback

18 October 2019

Number of Ordinary Shares purchased (aggregated volume): 94,482

Volume weighted average price (VWAP) paid per share: 26.46 pence

Total number of Ordinary Shares in issue now 455,527,645.

So, out of $2m, £25,000 has been spent (nice round figure that!) or $31,780. (I think stamp duty at 1% has to be added to that so ‭32,097.8‬)

2,000,000 / 31,780 = 62.93 which suggests a buyback length of around 63 trading days (closer to 62 days with stamp duty and other costs of doing the buyback which we don’t know could reduce that). That will depend if the amount per day remains similar or the number of shares bought is maintained. If the latter and the shares should get more expensive, the buyback length will shorten.

Working on a target price at which I personally would be happy to exit the length of the buyback is more likely to be between 30-45 days. Early days for such estimates though.

The target could easily have been 100,000 shares per day but had to stop as the price rose over 105% average of the last 5 days. We’ll get a better idea after a few days of activity.


#2

Early days, but so far the buyback looks like it may have at least stopped the downward drift. Too early to tell, however, I’m posting this chart as a record of where SLE stands now to compare against any positive the buyback may bring for the share price over the next couple of calendar months as it progresses.

image


#3

This chart is perhaps more useful as it shows volumes


#4

Date ++ Shares ++ Price ++ Total. Running Total
18 Oct . 94,482 @26.46p £25,250 $32,572
21 Oct . 29,000 @27.91p £8,174 $43,199

Total number of Ordinary Shares in issue with voting rights will be 455,498,645.

If yesterday’s figures have been reported correctly, there has been a rush of people buying in. The buy may well have been restricted yesterday (and possibly today) due to the 105% rule. This is quite common in the first week when a buyback boosts the share price initially.


#5

$43,199?


#6

Running total spent to date in US dollars


#7

Sorry, E, I was trying to relate it to the Individual trade.
TP


#8

No problem. The running total in dollars is just a rough guide to give warning when the $2m total is close to running out.


#9

Date ++ Shares ++ Price ++ Total. Running Total
18 Oct . 94,482 @26.46p £25,250 $32,572
21 Oct . 29,000 @27.91p .£8,174 $43,199
22 Oct. 89,285 @28.00p £25,250 $75,771*

This was a single purchase once again of £25k + stamp duty. It was but a fraction of the trades yesterday with some bigger buys(?). Didn’t move the share price up, ultimately.

It is starting to look like £25k per day may be the rather boring and possibly ineffective total they have decided upon. I’ve added a third tranche before this became clear, I may yet live to regret it!

Total number of Ordinary Shares in issue with voting rights now 455,409,360.

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#10

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 @26.46p £25,250 $32,572
21 Oct . 29,000 @27.91p .£8,174 $43,199
22 Oct. 89,285 @28.00p £25,250 $75,771
23 Oct. 89,285 @28.00p £25,250 $108,283

5%+ of the buyback completed. I’d like to see more aggression.

The buyback has stopped the rot but that’s about it so far.

Total number of Ordinary Shares in issue with voting rights now 455,320,075.

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#11

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 @26.46p £25,250 $32,572
21 Oct . 29,000 @27.91p .£8,174 $43,199
22 Oct. 89,285 @28.00p £25,250 $75,771
23 Oct. 89,285 @28.00p £25,250 $108,283
24 Oct. 88,192 @28.35p £25,252 $‭140,859

Weak, really. Given that there was a £126k buy in the open market yesterday dwarfing the buyback and causing the uplift in price. Better timing could have seen them buy at a better price also. The lower prices are out of the 105% equation limit now so no real excuses for pushing on. I’m not hopeful they’re going to deviate much from £25k per day, which is a great excuse for putting off a divi payment until next Feb/March.

Total number of Ordinary Shares in issue with voting rights now 455,231,883.

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#12

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 @26.46p £25,250 $32,572
21 Oct . 29,000 @27.91p .£8,174 $43,199
22 Oct. 89,285 @28.00p £25,250 $75,771
23 Oct. 89,285 @28.00p £25,250 $108,283
24 Oct. 88,192 @28.35p £25,252 $‭140,859
25 Oct. --------- @-------- £--------- $140,859

A rather mystifying failure to buy at all on Friday.

Total number of Ordinary Shares in issue with voting rights now 455,231,883.

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#13

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 @26.46p £25,250 $32,572
21 Oct . 29,000 @27.91p .£8,174 $43,199
22 Oct. 89,285 @28.00p £25,250 $75,771
23 Oct. 89,285 @28.00p £25,250 $108,283
24 Oct. 88,192 @28.35p £25,252 $‭140,859
25 Oct. --------- @-------- £--------- $140,859
26 Oct. 87,719 @28.50p £25,250 $173,178

Back to the £25k per day grind. At least the price is still going in the right direction slowly but surely.

I must add when looking at trades on AIM companies its very hard to tell which are buys/sells and they often seem to be reported wrongly across different sites. Anyone got a site they trust? I tend to use
https://www.londonstockexchange.com
but even that doesn’t show buys or sells, which is a bit worrying.

Total number of Ordinary Shares in issue with voting rights now 455,144,164

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#14

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 @26.46p £25,250 $32,572
21 Oct . 29,000 @27.91p .£8,174 $43,199
22 Oct. 89,285 @28.00p £25,250 $75,771
23 Oct. 89,285 @28.00p £25,250 $108,283
24 Oct. 88,192 @28.35p £25,252 $‭140,859
25 Oct. --------- @-------- £--------- $140,859
29 Oct. 87,719 @28.50p £25,250 $173,178
30 Oct. 87,719 @28.50p £25,250 $205,750 10% completed

Total number of Ordinary Shares in issue with voting rights now 455,056,445

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#15

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 @26.46p £25,250 $32,572
21 Oct . 29,000 @27.91p .£8,174 $43,199
22 Oct. 89,285 @28.00p £25,250 $75,771
23 Oct. 89,285 @28.00p £25,250 $108,283
24 Oct. 88,192 @28.35p £25,252 $‭140,859
25 Oct. --------- @-------- £--------- $140,859
28 Oct. 87,719 @28.50p £25,250 $173,178
29 Oct. 87,719 @28.50p £25,250 $205,750 10% completed
30 Oct. 87,719 @28.50p £25,250 $‭238,322.

Total number of Ordinary Shares in issue with voting rights now 45‭4,968,726‬

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#16

Thank you eadwig for doing this…it keeps it altogether…cheers links


#17

No problem, I intend to do it throughout.

If i miss a day or two, bound to happen at some point as it looks to be going over Xmas, I’ll catch up ASAP.


#18

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 @26.46p £25,250 $32,572
21 Oct . 29,000 @27.91p .£8,174 $43,199
22 Oct. 89,285 @28.00p £25,250 $75,771
23 Oct. 89,285 @28.00p £25,250 $108,283
24 Oct. 88,192 @28.35p £25,252 $‭140,859
25 Oct. --------- @-------- £--------- $140,859
28 Oct. 87,719 @28.50p £25,250 $173,178
29 Oct. 87,719 @28.50p £25,250 $205,750 10% completed
30 Oct. 87,719 @28.50p £25,250 $‭238,322
31 Oct. 87,719 @28.50p £25,250 $270,895

One buyer paid @29p today for the first time in 5 weeks. SLE managed to only pay @28.5p despite buying later in the day. So signs the price pressure is still slightly upward, but definitely a slow grind now. I hope the buyers don’t take this Friday off like they did last week. Keep the pressure on!

Total number of Ordinary Shares in issue with voting rights now 45‭4,881,007

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#19

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 @26.46p £25,250 $32,572
21 Oct . 29,000 @27.91p .£8,174 $43,199
22 Oct. 89,285 @28.00p £25,250 $75,771
23 Oct. 89,285 @28.00p £25,250 $108,283
24 Oct. 88,192 @28.35p £25,252 $‭140,859
25 Oct. --------- @-------- £--------- $140,859
28 Oct. 87,719 @28.50p £25,250 $173,178
29 Oct. 87,719 @28.50p £25,250 $205,750 10% completed
30 Oct. 87,719 @28.50p £25,250 $‭238,322
31 Oct. 87,719 @28.50p £25,250 $270,895
01 Nov. 88,967 @28.10p £25,250 $303,467

Total number of Ordinary Shares in issue with voting rights now 454,792,040

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#20

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 @26.46p £25,250 $32,572
21 Oct . 29,000 @27.91p .£8,174 $43,199
22 Oct. 89,285 @28.00p £25,250 $75,771
23 Oct. 89,285 @28.00p £25,250 $108,283
24 Oct. 88,192 @28.35p £25,252 $‭140,859
25 Oct. --------- @-------- £--------- $140,859
28 Oct. 87,719 @28.50p £25,250 $173,178
29 Oct. 87,719 @28.50p £25,250 $205,750 10% completed
30 Oct. 87,719 @28.50p £25,250 $‭238,322
31 Oct. 87,719 @28.50p £25,250 $270,895
01 Nov. 88,967 @28.10p £25,250 $303,467
04 Nov. 89,285 @28.00p £25,250 $336,040

Very disappointing price trend reversal. This is where the buyback should be more aggressive if they wanted to raise the price. However, if they are happy to hold the price and gather in an extra couple of thousand shares a day then this is the way to go. No sign that the market see SLE as undervalued at this level, I’m afraid.

Total number of Ordinary Shares in issue with voting rights now 454,702,755

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.