musings on the agm, page-7

Yes I was.

The lack of understanding both at that meeting and on this forum as to the different types of capital management initiatives is staggering.

There is huge difference between an onmarket buyback and a voluntary share buyback. If you think the intrinsic value is 45 cents (and I concur with that number), then a voluntary share buyback at 25 cents would see the weaker shareholders exit and the remaining ones (including myself) make a very considerable gain and still leave them with a very significant warchest for acquisitions.

I agree with their policy of not paying a dividend. It is simply not tax efficient.

People need to bone up on these different avenues of captial management...........

on market buyback
voluntary buyback
return of capital
in specie distribution
dividend
special dividend

An on market buyback would be a waste of time and would take too long.