cash and recievables $312m ...mc $200m , page-35

As I have stated before, it isn't about a superficial, shortlived bump of the SP. It is about increasing the TRUE value of the shares.

Every share bought dissolves into the company. Less shares mean each remaining share becomes a greater percentage of the company. From a share buyback, you will OWN a greater share of the company without paying any more money.

Here is a really simplified example of the premise since not everyone understood the previous one.

Four people own a piggy bank containing 4 dollars. Each person owns $4/4 = $1. Now say one of those people is willing to sell out for 50c. Pay the 50c from the piggy bank to buy the part-owner out, and you're left with three owners and $3.50 left in the piggy bank.

As you paid LESS for the share than the cash backing, 3 people now own $3.50/3 = $1.17. You have gained 17% in value for doing nothing by capitalising on others' overwillingness to sell because you now own a LARGER stake of the company.

This situation can be achieved if you are able to buy for less than the company's true worth.