Ann: Westpac amends Buy-Back terms and extends timetable, page-27

What frustrates me in all this is the fact that the amended scheme recognises that the share price drop was making the whole buyback situation untenable .
If they acknowledged it was the scheme itself , not just the NIM that caused the drop , they would have egg on their faces .
So this is where the genius kicks in , the revised scheme is essentially the same ! Yes discount drops but not the date for subscribing to the scheme.
Hence the high price relative to now makes it unattractive to the one’s meant to benefit . Holders !
I get that the current price is good and we can all see this is now good value if you have the resources to top up .
Essentially you are missing the point . They are managing this badly.
Between now and the magical date in February the price can tumble substantially.
They will then face the same situation. Jan 31 results may be good and may be worse and the bloodbath continues unabated with no circuit breaker.
Would you want the rocket scientist who submitted this plan in your corner ? Sure as hell no !
It needed a circuit breaker , there is none in place .
They should have gone straight into on market buying .
Supposedly this convoluted scheme is quicker ?
So if price is substantially lower in Feb can we count on lower discounts in buyback 2 and rehash again .
Just get on with the obvious , buy on market NOW !