Destiny Media Tech Inc (DSNY)

[commoncentsinvestor]

Here's the actual figures (from the 10Q) regarding how many shares were repurchased:

"During the nine months ended May 31, 2013, the Comp
any repurchased and cancelled 156,650 shares."

I forget the exact average cost of these shares but I believe it was probably in the neighborhood of .65. That would put the total cost at $101,822. The value of those shares today is $438,620.

Though I agree that the repurchase was not done for a pump, I do believe that it helped the share price at the time. For those who were shareholders then, you will recall that the share price had fallen from about .90 down to .60. The announcement of the repurchase stopped that decline in its tracks. Who knows what might have happened if they hadn't done it. The drop might have continued and sometimes panic sets in and drops get vastly accelerated. The repurchase announcement basically corroborated that the management felt the share price was undervalued and they were willing to spend some money to back up their belief.

I think their original intention was to retire the shares they repurchased like they had all the other repurchased shares. I don't know if that has happened with these. If not they could sell them and at todays price they would have an additional $337,000.

Anyone who claims this buyback was not a good thing would only do so in order to try to justify the displeasure they expressed about it at the time it was announced. The facts definitely prove otherwise.