Not quite sure how you have come to that conclusion - If you are referring to the latest announcement, this announcement is informing the market that the shares that have been bought back by through the share buyback program have been cancelled, this cancellation reduces the shares on issue and benefits all who hold stock by increasing everyones percentage holding in the company .
You will have noticed in previous announcements that MNL is in search of an acquisition and also that MNL currently considers that there is no better investment right now than buying their own shares at these levels. Imagine how good their buyback program will have been when the shareprice is three or four times higher than it is currently and shares are issued to help fund an acquistion .
There has been much negative sentiment on how the increases in interest rates have been impacting retail sales and consumer spending but with JB Hi-Fi announcing increased profits and sales it seems that these conclusions have been heavily overstated.
Looking forward to very good yearly numbers which I expect will be the catalyst for a much higher shareprice - In the mean time I expect that they will continue with their share buyback program through the end of year tax selling period where they will continue to pick up cheap stock.
MNL Price at posting:
0.0¢ Sentiment: ST Buy Disclosure: Held
