Ann: Daily share buy-back notice - Appendix 3E-KAR.AX, page-38

Hi dd
"Black Swan- share buybacks are a form of cash return to shareholders.

Given what NAV is and today's share price, the buyback is value accretive too."
Have you received your return of cash yet? I am still waiting for mine.
There two sides to the equation. No of shares on issue is reduced. Income generating asset is reduced. How do you know it will be accretive?
Right now the only thing generating income is the cash. And so far with the buy back it has been pissed against the wind!
I suggest you look at companies like CSL and the stage of their cycle about when it good to do a buy back.
But no problems. When we get to production and need the cash we will do another capital raising or need to borrow.
Pear