75 m share buyback and pipeline looks good !!!
LOS ANGELES and FRANKFURT, Germany, Dec 11, 2009 (GlobeNewswire via COMTEX) -- PHIGroup, Inc. (OTCBB:PHIE) (Frankfurt:PR7) (Xetra:PR7.DE) (WKN A0RNQV), a company engaged in the development and management of real estate properties, mining interests and consulting, merger and acquisition advisory services, announced today that the company has been authorized to buy back up to 75 million shares of its common stock in the open market.
Management is expecting to have a number of liquidity events that will enable the company to meet its financial commitments and to buy back shares
for retiring to treasury. PHIGroup currently has approximately 195 million shares outstanding and 126 million shares in the float. PHIGroup Chairman and CEO Henry Fahman, said, "We believe a prudent share repurchase program will help increase the potential return on equity for our long-term shareholders."
Long term this stocks gonna run like the wind imo. Nice being first in line!
