WRT Penson buying, there are two things that come to my mind, they (NCIB) are either starting to make use of the once a week block purchase method, as opposed to the 43,500 daily purchase option, or there is a different Penson buyer here over and above the NCIB related Penson buyer. I say this because we have easily surpassed our daily allowances lately.
Either way there is some healthy Penson buying going on this week.
Here's a "old" refresher on NCIB's which talked about amendments made in 2007
http://www.blakes.com/english/view_printer_bulletin.asp?ID=1272
HIGHLIGHTS
- The current 2% limit on purchases in a 30-day period has been replaced for issuers (other than investment funds) with a daily limit permitting the purchase of up to 25% of the average daily trading volume
- An issuer may make one block purchase per week that exceeds the daily repurchase restriction
- TSX has implemented requirements governing the repurchase by issuers of listed non-convertible debt securities
I found this interesting too:
BUYBACK BLACK-OUT
The Amendments provide that a listed issuer is not permitted to purchase securities pursuant to an NCIB while the issuer possesses undisclosed material information. Issuers will likely restrict any purchases under their NCIBs during the trading black-outs prescribed by their insider trading policies.
