Can Companies’ Announcements via SGX Be Trusted?

S i2i announced Daily Share Buy-Back on 12-Sep-2017

Since early August, S i2i has been buying back its own share from market almost everyday, and the buybacks activities have lifted its share price from $2.60+ all the way to $3.20+ until yesterday. Today, its share price fall back to $3.00. According to POEMS, there were 11 trades done today, with day high at $3.13 and day low at $3.00. 

Si2i Trade Details - 12-Sep-2017
Si2i Trade Details – 12-Sep-2017

 

However, in S i2i’s announcement via SGX, it stated buying back of 1,000 shares today, by way of market acquisition, at the price of $3.24.

Si2i share buy back announcements on 12-Sep-2017
Si2i share buy back announcements on 12-Sep-2017

 

How can this be true when there were only 11 trades done in the open market when the trades were done within the price range of $3.00 to $3.13?! Where did the trade of 1,000 shares at $3.24 come from?

 

S i2i announced Daily Share Buy-Back on 11-Sep-2017

On 11-Sep-2017, according to POEMS again, there were only 600 shares traded for the day at $3.22.

Si2i Trade Details - 11-Sep-2017
Si2i Trade Details – 11-Sep-2017

 

However, in S i2i’s announcement via SGX, it stated buying back of 842 shares at the price of $3.22 via market acquisition.

Si2i share buy back announcements on 11-Sep-2017
Si2i share buy back announcements on 11-Sep-2017

 

Other than the 600 shares traded and recorded by trading platform, where / how /when did the trade of the remaining 242 shares happen?!

In fact, these are not the only incidents where S i2i announced buying back of shares at prices not in sync with the market data or announced buying back more shares than the total trading volume of the day.

 

Do we trust announcements via SGX? Do we trust online trading platforms?

Either of the following must be true –

  1. POEMS displayed inaccurate market data. (I have checked DBS Vickers data, and it is the same as POEMS. Unless both are wrong at the same time?)
  2. S i2i has been making announcements with inaccurate info. (But since there wasn’t any amendment or replacement announcements made, the announcements should be correct?)
  3. SGX Observer interpreted and understood the announcements and market data in the wrong way. (Purchase made via market acquisition not necessary be reflected in online trading platform?)

 

 

Appreciate if anyone reading this could help to enlighten the puzzled SGX Observer.

 

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