All being equal, next dividend per share should be approximately 10% higher given they will have bought back almost 10% of the company. That is in half a year so arguably 20% over a full year.
another way of looking at it is this business with an ROE of at least 20% is reinvesting in itself by buying back shares. Compounding at 20%+ ROE will soon make you rich.
Ann: Update - Notification of buy-back - HLI, page-2
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