cash and recievables $312m ...mc $200m , page-36

Hi P,

It really depends on the opportunity cost. The SP will typically be artificially inflated during a buyback. Afterwards, there is usually a retrace, although to higher level, simply due to the reduced number of shares.
By way of example, if CFE's intrinsic value is say, 150% higher than it is now, it would make sense to buy back those cheap shares. On the other hand, if those same funds were directed to another investment that was going to return greater than 150%, they would be better off directed to that investment. I'd like my cake and eat it too. Buy back some shares, but preserve the bulk for growth. The Marampa sale is the key to this option.

Peter