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Gold/Mining/Energy : GENTRY RESOURCES LTD. (GNY.B - TSE)
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To: Len Hynes who wrote (517)6/13/2000 4:11:00 PM
From: WWS  Read Replies (1) of 601
 
Now GNY plans to "retire" up to 9% of its shares to be purchased on the open market. They're attributing this action to the fact that they consider their shares "undervalued" in relation to their operations and prospects. Well, here's an idea...take the million dollars that they're going to spend "retiring shares" and DRILL A WELL. Nothing like a wet well to support the share price. Or if they've got $1mm just sitting around with nothing better to do with it than to build a retirement home for old shares, then why not do a special one-time cash dividend to shareholders? That's the only sure way for shareholders to benefit. Either way, either a new well or a cash dividend, says "we're trying" more than does a share buyback. Because share buybacks for small companies like GNY are ridiculous. They exhaust valuable cashflow just to boost the share price to benefit insiders who are obviously waiting in the wings to dump lots of cheap paper onto the market once the buyback is done.
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