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Globe Metals & Mining: Buyback Green Light Received From FIRB, Consider Paying Up To $0.23

Globe Metals & Mining (ASX: GBE) has received a very positive outcome from the Australian Foreign Investment Review Board which has approved the company to buy-back of up to 5% of its issued capital - which comes out to just over 10 million shares.

Where the story gets really interesting for Globe Metals is the price, with the company previously indicating that it will consider buying back shares at up to $0.23 share, and with the stock closing at $0.135 yesterday - there appears plenty of room for short term upside.

The company will today lodge the requisite documentation with ASIC and ASX, and the buy-back may then commence fourteen days thereafter, being on or around Thursday, 14 June 2012.

Globe Metals reiterated that whether it buys its own shares on market on any given day is discretionary, and that the buy-back authorisation is for a twelve month period.