…..the excuse was the debt. That in my view is no longer valid. It is now at a manageable level and can be reduced at a slower pace and in turn reinstate dividend; even if it is just annual 2 cents to start with. It is something to encourage the dividend chasers back on to the register. And also would reward the long term investors who have been holding onto their shares in anticipation of the return of dividends. That in turn would increase the share price as of today not in 12 months time. Some companies have successfully done both at once: dividends and buyback.
I could be wrong on this but I thought I read somewhere that the buyback ceiling was 48 cents? If so, they have/had ample opportunity to buy much more than they are buying.
So when ‘the donut’ was taken by surprise I think it was not a good look for SWM.
These are just my views…. Who knows maybe they will get the outcome they are trying to achieve for all investors? I’ll wait out and see. Cheers
SWM Price at posting:
40.3¢ Sentiment: None Disclosure: Not Held
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