change in buyback tactics, page-27

Proofreader - I think I must be missing something about this buy back , because you infer that the company will do well out of the shares it is presently buying back , by selling them at a profit later on .

I was under the distinct impression that , when the shares were re-purchased by the company, they were then actually cancelled, thus reducing the number of shares on issue permanently .

If this is indeed the case I cannot see how the company could profit by re-selling them , because they wpould no longer exist .

But , as I said , perhaps I'm on the wrong track ? .