As much as I enjoyed the trading opportunity that the buyback presented, I don't quite follow the logic associated with the buy back.
Why raise capital, infer acquistions were the reasoning for the cap raise, and then proceed to commence with a buyback.
Sure, the SP is undervalued at the moment, but the market will correct itself over time, to raise capital citing acquisitions/capex spend and then to announce a buyback, not sure if it's the right way to go.
That said, it will squeeze the amount of stock on issue, less supply - increased demand- hopefully an upward trend for the SP.
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