They have had the same buyback in place every year. I wouldn't use that as any kind of signal, the press release is boiler plate. It doesn't require any shares be repurchased. In fact, this specific language is in the press release:
"Dream’s current normal course issuer bid for the purchase of up to 2,231,143 Class A Subordinate Voting Shares expires on September 20, 2023. Under this bid and up until September 8, 2023, Dream has purchased for cancellation 97,500 Class A Subordinate Voting Shares through the facilities of the Toronto Stock Exchange at an average price of $20.52 for a total cost of approximately $2.0 million. Please note that the amount of share repurchased under the bid was in line with both management and board strategy with respect to use of capital for share repurchases."
That language right there both shows that under the previous buyback (which was also for 10% of the float), Dream bought back next to no shares and that buying back so few shares fit management's plan. I would not expect many shares to be bought back - again, I'd think maybe Dream buys 2% of shares outstanding. I'd love if the company buys more near $20, I agree it is very accretive, but everything indicates to me that won't be the case.
I'd love more, but after the way the Cooper talked it's almost more than I had been expecting. And I agree, every dollar spent buying back shares are prices near today's is a dollar very well spent, and shareholders should be rewarded for it over the long haul.
Well they just announced a share buyback of up to 10% of the float. Very accretive if they can buy a decent amount at these prices
They have had the same buyback in place every year. I wouldn't use that as any kind of signal, the press release is boiler plate. It doesn't require any shares be repurchased. In fact, this specific language is in the press release:
"Dream’s current normal course issuer bid for the purchase of up to 2,231,143 Class A Subordinate Voting Shares expires on September 20, 2023. Under this bid and up until September 8, 2023, Dream has purchased for cancellation 97,500 Class A Subordinate Voting Shares through the facilities of the Toronto Stock Exchange at an average price of $20.52 for a total cost of approximately $2.0 million. Please note that the amount of share repurchased under the bid was in line with both management and board strategy with respect to use of capital for share repurchases."
That language right there both shows that under the previous buyback (which was also for 10% of the float), Dream bought back next to no shares and that buying back so few shares fit management's plan. I would not expect many shares to be bought back - again, I'd think maybe Dream buys 2% of shares outstanding. I'd love if the company buys more near $20, I agree it is very accretive, but everything indicates to me that won't be the case.
Looks like they’ve picked up nearly $2m of shares in the buyback in the last month - not much but very at $17-18/share it’s good for shareholders
I'd love more, but after the way the Cooper talked it's almost more than I had been expecting. And I agree, every dollar spent buying back shares are prices near today's is a dollar very well spent, and shareholders should be rewarded for it over the long haul.
The stock is pretty unloved these days - I’ve been nibbling at around $17 as I think there is tremendous value there
Appreciate the reply. Keep up the great work - I enjoy reading your articles
Thanks Rowan, that means a lot.
As always appreciate your thoughts and your time. Thanks