0.5c per share dividend, page-150

The problem (if it is seen as that) is if SHE announces a buyback, before it comes into effect the market may well have jumped ahead and re-rated it back to liquid assets value and then a nominal EV for the several investments on hand.

Whether this is bad news really depends on whether management genuinely wants to accumulate back value for existing holders who choose not to sell, or whether it wanted to inject a bit of sense back into the market.

I generally like the idea because its a win-win either way. Either the above happens, or the shares outstanding gradually reduces, providing even greater leverage for the next rerate cycle.

I strongly recommend management consider a buyback program.