surprisingly when interest rate are so low the company opted to dilute shareholder value instead of taking debt or issue another notes at 2% to 3% interest rate .... which they can payback over the years... !
Buy back is not easy because company issued shares at AUD $11c now buying back at current rate of AUD $16c means paying premium of 45% within less than 1 year since they issued record shares.... looks like sacking of chairman & all previous board supported CR... IMO... !
Good old CEO was removed or left or was scapegoat for foolish idea of someone else ... !
IMHO buy back won't happen anytime within next 2 to 3 years at least .. unless share price goes down below 10c and then company justify as opportunity to buy back but it is unlikely to happen as well … !
Share Buyback, page-10
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