is the market missing beach energy’s potential, page-25

BigAl,

You are talking about an off market share buyback and I am talking about an on market share buyback - they are the same thing but done in a different way an on market share buy back is when the company actually buy's the share in the market and if the they do this over three years the shorter will not be able to short the stock as when they do a buyback like this there is no specific time over that year when they have to buy the shares on the market as long as they don't by back more than say the 5% they agreed amount in the buyback per year.

So an on market buyback is a powerful tool if they use it properly.

I think Linc's is a poor comparison with beach - beach have a strong underlying business and are generating plenty of cash. If they spend $50-100 million of a buyback a year it is not going to push them into a similar position to Linc's.

Yes the market will always determine the value of the share price - but the share price is a function of many things; market sentiment, earnings per share, growth prospects of the business, the list goes on.

The point both of you are missing is that if a company issues more shares is this manipulating the share price?
So you are quite happy for a company to dilute your shareholding and your portion of the future earning in the company? But if a company want's to buyback shares and increase your portion of the future earnings and the value you per share; you are not happy with this? Doesn't really make sense to me..