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.