We now have the first real test of our Computer Modelling Group odd-lot trade, and the preliminary result is almost as favorable as it could have been. Computer Modelling Group Ltd. (TSX: CMG) says its substantial issuer bid expired September 21 with a preliminary purchase price of C$4.50 per share, the very top of its C$4.00 to C$4.50… Read More »
Another odd-lot tender has appeared, and this one gets interesting almost immediately. Computer Modelling Group Ltd. (TSX: CMG) is offering to repurchase up to C$20 million of its own shares through a modified Dutch auction. The tender range is C$4.00 to C$4.50 per share, while CMG closed Friday, September 11 at C$3.80. Even better for our purposes, shareholders… Read More »
We recently wrote about odd-lot tenders for fun and profit: those peculiar corporate actions where owning 99 shares can sometimes put you ahead of investors who own 100, 1,000 or a million. The obvious next question is whether there are any actual opportunities to try it on. As of September 10, 2026, there are three live publicly traded… Read More »
There are not many situations in investing where owning 99 shares is demonstrably smarter than owning 100. Odd-lot tender offers are one of them. Every so often, a company decides to repurchase a large block of its own stock through a tender offer. If too many shareholders want to sell, everybody is normally prorated. But some offers contain… Read More »
When a company announces plans to buy back 10%, 15% or even more of its outstanding stock through a modified Dutch auction, investors should pay attention. That does not mean they should buy the stock. A large self-tender is one of the more consequential capital-allocation decisions a public company can make. Unlike an ordinary open-market repurchase authorization, which… Read More »