Are you full of regret, Mr Divads27?

Duty Free is 41.5 cents and never going to go to 38 for you to buy back what you sold.

Duty Free is gonna take off soon to 45 cents.

I have a suggestion: Buy the warrants.

The sellers are really goondoo, letting go for little premium.

Exercise price is 35 cents, warrant selling for only 8 cents = total 43 cents.

There is only a 3.6% premium for a warrant with high leverage and expiry in 2016.  

divads27: You are right to a degree but not entirely so. DFI bought back shares again -- on 1 feb and 4 feb. YYou are correct in suggesting that the buyback is not sustainable but you didn't say 'at the same hectic pace as in January'. The huge buying of 11.59 m shares to date has mopped up a significant amout of liquidity. Even though it's just 1% of share capital, the liquidity has been affected because of the low free float in the first place. I kind of agree with Joes, etc who  think that there is more than meets the eye. In other words, the buyback has a larger purpose. I can only guess what it could be.   

N I expect there will be a major corporate move ahead by Duty Free. All this buying is to mop up shares at a 'cheap' price (so far the upper limit is 41 cents in the buyback).  The major move ahead will be more 'expensive' to the company, so might as well mop up now. this is just my educated guess based on the reasonable premise that it doesn't make sense for Duty Free to buy back so many shares and reducing liquidity. But it has done that, because ....? There must be a special purpose in doing so. The logical thing to do for us/me is to buy in along with the company! 

As I expected, Duty Free is back in the market buying back its own shares. Today, 146,000 shares.

 

Is it better to buy the warrants than to buy the mother share? The warrant has an exercise price of 35 cents, so add that to the warrant price of 8 cents = 43 cents.

This is only 2 cents above the mother which is doing 41 cents.

A 5% premium but a very high leverage makes the warrants a more attractive play on Duty Free.

The warrants expire in 2016. Still so far away, yet the warrant premium is only 5% . Just a tip  

Weak trading  today shows that w/o Duty Free's share buyback, there is no liquidity. Company has a lot of cash to buy back - we can't guess its schedule . Who knows this afternoon, it might be back in fierce action?

I see divads27 has got his timing right . it's right timing only because the stock has not run higher than his selling price. What do u know of the future with any certainty? And do u really think share buyback won't resume sometime soon?  Quite interesting to see the flux of emotions in Duty Free article & comments

hi Joes, the share buyback is good, but they cant buyback forever as it is getting more and more expensive to buy back.

Anyway, I sell based on the fact that they already bought back for quite a few days and it cant go on forever.

You can access their buyback pattern when they were listed in bursamalaysia as DFZ Capital.

www.bursamalaysia.com/market/listed-companies/

company-announcements/#/

?category=all&sub_category=all&alphabetical=

All&company=5177&page=9

Notice they start buying from 17 March 2009 then ended somewhere beginning of April 2009. Then they buyback again in May 2009.

So the buyback will take a break soon I predict :) and may induce contra player and force selling.

divads27, wish you good luck! I have not sold and I smell a good finish sometime in the future. Just look at the buyback today. Total of 2.4 m shares bought back out of a trading volume of 2.9 million. This is serious commitment. I don't think it's just to support the price..... There's gotta be more reason. Just a hunch. Wish me luck as I brave the fog.

divads27, thanks for your post. Regarding the cancellation of shares, this move doesn't boost their market cap since it's fewer shares X market price. So why buy & cancel? U have a few other resons -- possible. I think it's something unusual. Could it be a privatisation plan? Today's price has come down on broad market weakness. Itching to pick up some more shares!

Dividend will only be declared in Feb. Look at last year announcement of dividend and you will understand. (SGX, last 4-12 mths annoucement) :)

Ya, they very aggresive and very eager to buyback and cancel the shares IMMEDIATELY.. maybe aiming for transfer of shares to mainboard, so must increase market capitalisation? or maybe prevent hostile buying of their shares? or maybe they think their share price should be worth more... Currently their highest price bought back was 43 cents. So it means support is at least 43 cents.

Good for shareholders. All those who wants to sell would have sold, so the price will be well supported. Of course, in between there will be sellers and contra players but if they keep up the buyback, then long term is a up trend.

They will be having $325 million ringgit from the sale of JB Zon soon, so they can keep buying back the shares. Right now is just 7k lots bought back out of 100000k authorised.

Hey divads27, no dividend declared for 3Q. Were you expecting it?
1 interesting pt from the announcement is that the cumulative shares bought back of 7.5 million or so have been cancelled instead of being stored as treasury shares. This is interesting --- the company was not buying shares for stock options conversion or performance plan. They actually are taking the shares out of the market permanently! Now with Atlan holding 80% or so, the free float is shrinking which has interesting implications.

divads27, you are the guru on Duty Free. What are your thoughts on this?

The Board of Directors (the “Board”) of Duty Free International Limited (the “Company”)
wishes to announce that it proposes to amend its Memorandum and Articles of
Association to, inter alia, take into account the changes to the Companies Act, Cap. 50,
in particular, the Companies (Amendment) Act 2005 and the prevailing rules of the
Singapore Exchange Securities Trading Limited (the “SGX-ST”) as set out in the Listing
Manual Section B: Rules of Catalist.
The proposed amendments to the Company’s Memorandum and Articles of Association
are subject to the approval of Shareholders by special resolution at an Extraordinary
General Meeting (the “EGM”) of the Company to be convened.
A circular containing, inter alia, details of the proposed amendments to the Memorandum
and Articles of Association of the Company, together with the Notice of EGM, will be
despatched to Shareholders in due course.
By Order of the Board
Lee Sze Siang
Executive Director
Date: 14 January 2013

Another day of buying back its own shares. The company bought back 980,000 shares today compared to total traded volume of 1,805,000 shares. This daily buying by Duty Free has interesting implications

contra player from last week selling.. good time to buy on dip :) results out this week, will be much much better than last year due to 2011 year end Thailand flood

This is my own take on this counter: It has shot up from 31 cents in early Dec to 42 cents last Fri. It's been bought back every day by the company's share buyback programme. On PE basis, it is not cheap and anyone would be puzzled. Clearly to me, the story is something else, somewhere else. What has been publicly announced is the upcoming sale of the Zon in JB. Will this trigger a special dividend? I think it will. But the story has to be more than about dividends, as the company is aggressively buying back. And there is substantial vol every day , which suggests there are others who know what they are doing. Good luck> I am vested in this stock too. Hopefully get my due rewards. 60 cents would be nice!

target should be 50 cents