I'm sorry to say I disagree on a few points @FingerLicking.
I totally agree they should be growing the SP by encouraging the market to buy, getting investors excited and interested etc etc. All true.
But many things aren't equal anymore. The SP didn't drop off a cliff just because of ICI's performance. That is unfair. The tech sector has coped a beating. I'm sure I don't need to expand on that.
As @Maeglin has pointed out, the company must know that money is coming in right now and the books are shaping up nicely, so if they have no other plans for the cash why not use it (they could be forgiven for not doing an acquisition in the next 3-6mths. They have just done several).
Ultimately a SBB makes no sense if you raised that capital at (or around) the same SP. But being well below the 11c that they raised at last time, its actually a good use of SH's money if they have no other immediate plans for the cash. Haha! we can hardly criticise, because they are buying low and selling high so to speak. EXACTLY what all us investors want to do!
So given the market situation and the period in life that ICI is at, if behind the scenes business is really going well (that's my caveat), then it is a sensible play to SBB right now.
ICI Price at posting:
7.4¢ Sentiment: None Disclosure: Held
