A few points on buybacks:
-Can suggest management are running out of ideas for capital deployment;
-The average management times a buyback poorly according to the empirical data;
-There are no franking credits on these dividends and the geographic sales mix has been shifting to more foreign sales. In this context, it is logical for management to redistribute capital to shareholders via a buyback which is more efficient than a dividend; and
-The share price is (marginally) undervalued.
That last point is, of course, a rather subjective assessment.
Ann: Announcement of buy-back - Appendix 3C, page-12
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