Thread by @MwangoCapital

Highlights from Julians Amboko [@AmbokoJH] interview with Nation Media Group [@NationMediaGrp] CEO Stephen Gitagama [@SGitagama] on the company's recently closed share buyback program.

1. Was the buyback a success?

"I think the market reaction and the market levels of trading and the volumes of shares that we finally were able to purchase [82.5%] is a significant success according to us"- @SGitagama

2. There was less participation in the buyback when NMG released H1 2021 results compared to prior.

"The behaviour of the market after the release of the results indicates second thinking amongst the investors to keep the shares as it might fetch a better price...

cont..

"There were several days when we were not able to purchase any shares. There were shares in the market but the shares were bought by other investors who thought that the share buyback price at Ksh 25 was still slightly low"-@SGitagama

3. Is the Ksh 25 buyback price discounted?

"The value of Ksh 25 per share might still be slightly undervalued. In my own view, this price might go up based on the behavior of the market during this period"- @SGitagama

4. How is the company's liquidity level following expenditure on the buyback?

"We spent close to Ksh 430M for the repurchase of those shares. In terms of liquidity, it didn't have an impact.. cash position still remains very strong"-@SGitagama

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