Buyback is more common for US companies to offset share dilution. US company's management tends to put their best face forward to justify their compensation and stock option rewards, then use cash to buy back shares to offset dilution. I often see this as they issue shares to themselves, then use company cash to buy those shares, basically paying themselves extra in cash in the form of buyback. It's not bad or good.
While European, Aus companies management stock options are often more modest (not saying this applies to all companies).
Aus companies have favoured dividends more I think. Also ATP is already not so liquid, buying back shares will make it even more illiquid.
They still have a lot of growth levers to pull. Personally I'd prefer them not spending cash on buyback and invest in growth instead, dividends are still appreciated though. Given that management doesn't pay themselves too much then they need to make a living on dividends.
ATP Price at posting:
14.0¢ Sentiment: Hold Disclosure: Held
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