As for me I support the buybacks. As long as the share prices stay depressed, they should use most of their cash flow and retained cash to buy back as much shares as possible. Then whether the share prices move up or not do not matter as the shares outstanding will plummet and even a A$1B distribution could be a 20%+ yielder.
In extreme circumstances, if they can buy back like 90% of the shares for A$5B by next year and the stock prices do not move, then it would be comical and I would sell my entire portfolio to buy more WHC shares.
But obviously that won't happen which means the share price will climb up as long as coal prices are somewhat stable.
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