@friendlydwarves knows about trading/speculating but nothing at...

@friendlydwarves knows about trading/speculating but nothing at all about investing obviously.
He was aggressively opposed to buying CDD at 50c and ripped into me at the time as I recall.
No harm done of course as I didn't listen but I suppose others may have.
Crescent can't buy shares under the takeovers act but they can buyback so what they are doing is entirely rational and capital efficient.
As they say, the business is below its intrinsic value - they understand it well. Why go out on a limb with another dumb acquisition?
I see @Germantheologist that the buyback is $1.4m so far with another $50 or $60m to go.
That will be a material amount, as the shareprice rises I need to get more accurate in my estimate of the value of the business. As it's still more than 2x the present price I will continue to sit and fall asleep on this one.
GLTA