The buyback is silly. They should be maximising value for all shareholders on the register today, not making room for would-be shareholders tomorrow.
They get approval to buy 15% of shares at each agm. So far they can buy over 8m per year and they've bought about 266k before getting approval for another 15% of stock. The 266k of shares is not going to move the needle in terms of accretion. If they were more aggressive at cheaper prices shareholders would have been much better off today.
why the fall, page-4
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