Green Dragon Gas buy-back continues; US$364,000 shares bought so far
Green Dragon Gas (LON:GDG) has now bought-back 38,000 of its own shares through a series of transactions, since July 18, worth a total of US$364,000.
The proposed buy-back programme, launched earlier this month, has helped lift the stock from its recent lows. The decision, to buy-back US$5 million of the company's own shares, followed a 40 per cent drop in the share price since June 15.
On AIM the shares have recovered around 8 per cent, rising from US$8.80 to US$9.50 since July 12.
On July 13 Green Dragon moved to dispel concerns over its financial and operating position, by saying it is unaware of any material reason for the fall. Importantly GDG said its coal bed methane operations are performing in line with expectations, while financially it is on a sound footing with US$150 million in cash.
It also confirmed that all six of the company's Production Sharing Contracts are in full force and effect, with the required licenses, and operations continue as planned at all six PSCs.
Through the share buy-back programme Green Dragon has now bought back 38,000 shares at an average price of cUS$9.58 each, and these shares are being cancelled.
The shares were bought in five transactions ranging in size between 8,302 and 11,929 shares, and the prices were between US$9.44 and US$9.71.
These transactions to date are worth around US$364,320 in total.
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