News: CSR CSR announces $150 million share buyback, page-12

3708,

Let's put this into perspective. I repeat, if the intention was to return surplus cash to shareholders, a special dividend achieves this in a tax efficient manner.

$150 M buy back fund for a company with market cap of $1.5 Billion will have no effect on share price other than short term support.

Further the buyback will be at a time of management choosing. IMO the objective is to allocate shareholder funds for management use, other than growing and running the core business - which is why we give them our money in the first place.

A buy back signals that management are unable to utilise the funds to achieve a higher return than the cost of capital. That is not good.

I don't like it.