Future Capital Allocations, page-21

Those companies referred to by FN Arena are larger cap stocks with low growth and no investment opportunities i.e. nothing better to do with the cash. They use their cash flow instead to buy-back shares, many also borrow, given where payout ratios are, and engage in financial engineering to boost their EPS and SP. These companies do it because "capital management" is the flavour of the month. The only capital management VMT need to do is this consolidation so they can shake the grubby penny stock image now they have a real and high growth business.