OSIM International

[dydx]

http://infopub.sgx.com/Apps?A=COW_CorpAn...GCQDqCwrqB

Daily share buyback: 1.2M shares at $1.797.

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That is a cool $2.17m spent in just one day to buy back its own shares! What would have happened to the share price if the company didn't do share buy back, or bought back fewer shares? Isn't Ron Sim using the company's cash resources (including the $170.0m raised from the recent CB issue) to try to support the share price of Osim - a company he had a total (direct + deemed) 70.73% interest as at 3Mar14 (per the latest FY13 AR)?

The average price paid today of $1.797/share for the buyback is equivalent to approx. 3.3x the latest (30Sep14) NAV/share of $0.55. Considering Osim's latest equity position is supported by $182.8m (or approx. 38%) in Intangible Assets, I suppose the current active share buyback spree does not look like a bottom-fishing or value-driven operation.