a share buy back, page-13

I'm not getting this Ryan...

If they purchase and cancel $1.5b worth of stock, the share price shouldn't change. The number of shareholders is irrelevant.

EPS should go up, as there are now fewer shares to divide the earnings between....rising EPS is likely to be percieved as a positive.

Conversely, OZL now have $1.5b less in the kitty, for future acquisitons, expansion etc...which is likely to be perceived as a negative.

Basically, a share buy-back is signalling to the market that management believe the best valued mining stock in their universe is themselves.