Buybacks and purchase by Velvet Global in New Silkroutes Group (BMT-NSG.SP)
There were buybacks and purchases by Velvet Global Limited in marine gas oil and fuel oil trader New Silkroutes Group Limited (BMT-NSG.SP) [MKT CAP 83M]. The Company resumed buying back at higher than its previous acquisition prices with 230,000 shares purchased from September 16 to 26 at $0.575 to $0.60 each or an average of $0.59 each. The trades, which accounted for 6% of the stock's trading volume, were made on the back of the 107% rebound in the share price since 2H July from $0.285. The Group previously acquired 254,000 shares from July 1 to 12 at an average of $0.301 each and 1.44 million shares from April 22 to June 30 at $0.335 to $0.26 each or an average of $0.306 each. The repurchases since April are the Company's first buybacks since listing in March 2002. Velvet Global, on the other hand, purchased an initial 6.950 million shares from September 28 to 29 at an average of $0.65 each. The shares bought represented 5.6% of the issued capital. Investors should note that Executive Director Lee Soek Shen sold 1.2 million shares from August 26 to 31 at an average of $0.61 each [AI SCORE 6.2], which reduced his deemed holdings by 8% to 13.452 million shares or 10.82% of the issued capital. He previously acquired a net 479,000 shares from July 13 to 21 at $0.305 to $0.326 each or an average of $0.315 each and 16,000 shares on June 24 at $0.294 each. Prior to those net purchases, Mr. Lee sold a net 1.54 million shares from April 11 to June 17 at $0.35 to $0.29 each or an average of $0.31 each. Prior to his trades since April, Mr. Lee acquired 56,000 shares on March 14 at $0.41 each. New Silkroutes Group announced on August 23 a 4Q loss of US$268,000 for the 3 months to 30 June 2016 which was less than the loss of US$970,000 in the same quarter last year. Loss for the Full Year was US$3.516 million which was more than the loss of US$2.573 million in the previous year. The counter closed at $0.67 on September 30 (Asia Insider News Oct 1, 2016).
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