UPDATE: Silvercorp Up 4%, Touches Above $7 As Pushes On With Shr Repurchase Plan
Silvercorp Metals (SVM.TO), caught in a maelstrom of anonymous fraud allegations, was up 4% but well off a day high $7.05 with more than 1 million shares traded after saying on Thursday it is pushing ahead with a share repurchase plan, and paying an average $7.97 a share in the buyback.
Silvercorp, which has shed over $1.5 billion in market value in the last five months, said it has acquired nearly 4 million of its outstanding shares since June 17, when its board authorized a buyback of up to 10 million shares.
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