Urbana Corporation – buy back frenzy!

August 26th, Urbana corporation announced a buyback on their shares up to 6.6 million shares or almost 10% of the available non-voting class A shares. 

Hopefully, URB reports net asset value per share weekly on their website.  You may find them here.  While the share is currently undervalued by over 75%, this is not the objective of this article.  We’ve already built the case here.

I’ve thought about checking the effectiveness of the share repurchase plan by looking at the number of shares reported on their weekly statements.

Week Shares Bought back
2011-08-26         67 011 100    
2011-09-02         66 851 300             159 800  
2011-09-09         66 651 300             200 000  
2011-09-16         66 650 300                1 000  
2011-09-23         66 487 600             162 700  
2011-09-30         66 378 600             109 000  
2011-10-07         66 156 100             222 500  
2011-10-14         66 083 600               72 500  
2011-10-21         65 956 500             127 100  
Total shares bought back        1 054 600  

In only 8 weeks, Urbana Corporation bought back over 1 million shares or 16% of the total repurchase plan.  This is equivalent to buying back 1.3% of the company in only 8 weeks!

Disclosure : Author is long URB.A and URB.

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Posted in URB
One comment on “Urbana Corporation – buy back frenzy!
  1. […] for up to 1.5 million dollars or 2¢ per share on the current market price.  But has discussed here, share count could be significantly reduced over the course of […]

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