I think what you are both trying to say is:
The Net Asset Value of the company (as a whole and with regards to cash) decreases due to the expenditure of cash for shares;
BUT
The Net Asset Value (per share) increases, as there are now less shares on issue which have been purchased at a discount (accretive).
I think most will agree given the huge discount, the accretive factor of the buy back far outweighs the decrease in cash reserves. Like was said, it's essentially a 40% discount parade.
Ann: Capital Management Update, page-21
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$3.19 |
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