Hi-Alta repurchases undervalued shares

Broker network consolidator Hi-Alta Capital Inc. (TSE: HIA) has gained regulatory approval to repurchase a total of 576,988 of its outstanding common shares, equal to about 5% of the company’s total shares in issue, over the next 12 months. The broker consolidator says it has already repurchased approximately 98,000 common shares. The company believes that the current market price of its shares does not reflect "true value" and in this respect, maintains that the repurchase is a justified use of capital resources.