Positive Analysis for Sandstorm
Sandstorm announced that it intends to proceed with a normal course issuer bid (NCIB) and may purchase up to 5,882,879 of its common shares, representing 5% of the company's issued and outstanding common shares of 117,657,587 as of December 11, 2014. Daniel Earle reviewed the bid and sent out the following analysis:
- Purchases under the NCIB may commence on December 17, 2014 and will terminate on or before December 16, 2015
- Sandstorm’s average daily trading volume on the TSX during the last six calendar months was 307,783 common shares and daily purchases will not exceed 76,945 common shares, subject to the company's ability to make block purchases under the rules of the TSX
- No share purchases have been made by the company pursuant to a NCIB in the last twelve months and the NCIB provides Sandstorm with the option to purchase company shares when management believes that the common shares are undervalued by the market
- As of September 30, 2014, Sandstorm reported cash and equivalents of US$91mm, no debt and maintains access to an untapped US$100mm credit facility
More information to come soon. Good luck to all. |
