I was in the process of writing something about the obvious merits of buying Pumpkin Patch Ltd [PPL.NZ] shares at prices of around 85c when I heard the news that management have decided that their shares are a bargain too.
Pumpkin Patch are planning a share buyback of up to 8.5 million shares beginning 28 November ending on 23 November 2009.
This is good management of shareholders capital at a time when the share price has slid more than 80% to the pre-IPO level of NZ$1.25.
It also shows managements long term faith in the company's future and from the amount I have written about the subject I clearly agree.
It makes me wonder whether Jan Cameron and and Rod Duke are going to add anymore shares now that their large stakes 1.Cameron 2. Duke in the Pumpkin have nearly halved in value since July and March this year.
Pumpkin Patch shares have been marked down recently because of the slow down in the global economy, especially affecting the retail sector, and their big hit in full year profit announced in September.
The news of the share buyback today sent shares rocketing more than 10c or 13.5% on low volume.
Pumpkin Patch @ Share Investor
Pumpkin Patch takes a hit
Pumpkin Patch ripe for the picking
What is Jan Cameron up to?
I'm buying
Why Did you but that Stock? [Pumpkin Patch]
Rod Duke's Pumpkin Patch gets bigger
Buyer of large piece of Pumpkin Patch a mystery
Pumpkin Patch a screaming buy
Broker downgrades of PPL lack long term vision
Pumpkin's expansion comes at a cost
Pumpkin Patch VS Burger Fuel
Pumpkin Patch profits flatten
New Zealand Retailers ring up costs not tills
Related links
Pumpkin Patch- Investor relations
Pumpkin Patch- The clothing
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c Share Investor 2008
