I disagree, duelittle. They can't make it SO ridiculous that it becomes easy and a no brainer for the company to just buy the rest of the shares in the open market. Even with a market cap of 1mil it could be difficult IMO for Hemi to buy all the shares. However, at some of the prices being talked about, and even above, it becomes EASY for Hemi to just buy the stock with spare cash in the bank.
I'm normally against share buy back type programs by a company where the intent is to help the investor because rarely does it work. It doesn't work because if the company is able to buy back say 5% of the shares, it causes only a temporary short term increase in the share price and then the shorting continues and you end up right back where you were. I've said before that I thought it better for the company to put the money towards increasing production and assets but at some point, and we are about there, I think it DOES make sense and damn good sense for the company to start buying back shares so long as they can do so without greatly affecting their budget and plans for continued growth of the company. Why my "mood" on this has changed is because while I don't see the typical small percentage buy back being beneficial for investors, if this share price stays where it is or drifts a little lower as you and some others are suggesting, it is no longer a small percentage that can be bought but a large percentage or even MOST of the shares can be bought by the company easily. Think about it, due, the company PRd back when the share price was around .12 or .13 that the market cap IS substantially below conservative book value evaluations. So, if the company could sell 5% of its assets to buy 100% of the total "perceived" value of the company, that makes sense. Heck, they just sold something that didn't have value to "the street" which would buy well over 50% of the available float... and probably way over that. Let's sell another lease that "the street" considers worthless and that we won't likely use in the future and buy ALL the stock out there. Based on DD done by more than just a couple on this board, I think the ND lease could be sold and less than 50% of the proceeds used to buy all the remaining stock that insiders don't already own!
Imagine the press release... "Over the past 3 months, Hemi Energy has used their additional cash, not set aside for planned growth, to purchase all remaining shares not currently held by management or insiders. In additional to purchasing all remaining shares, the last order of 1mil has somehow executed as well. Based upon the amount of shares held by Hemi, there should be no shareholders left of Hemi Energy. However, if you still hold Hemi shares in your account, you are asked to immediately contact our lawyers at xxx with the details of your HMGP holdings. We will be personally talking with Mr. xxx in two weeks to resolve this situation."
I don't see the MMs allowing something like that to easily happen.
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