MIG has not announced what it will do with the spare $500m cash that it has after the restructure is completed : special div of 20c or further buyback. Some investors were disappointed and sold off.On the flip side, MIG can accelerate its buyback programme.
next week could be volatile with both options and futures expiring on 21/12. So, MIG will use the buyback to support the share price if it falls sharply ex div.
My guess is that MIG has tactically not made anannouncement as they can't buy shares in the buyback if SP is above NAV less deferred tax(~8c) -$3.65.
Better to announce when the shares are trading ex-div, or when the traffic for qtr ending 31 dec is released in January.
other things to consider - weak US dollar but US interest rate cycle peaking and possible cut in 2007.
MIG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
