Really depends a lot on the market itself. If management uses it as capital management it's probably better than an unfranked dividend as we don't pay tax on the income yet our share of the company increases.
Very often it can mask a poorly performing business. I used to own a few of these years ago and recently bought a small parcel. Not sure that the share price has done much in 10 years. Probably 5 years its been okay but the real issue is whether they are going to get on top of all the opportunities we keep hearing about.
I think it may be supporting the price but they don't behave like that it seems they will let it drift and only buy a few here and there.
Really depends a lot on the market itself. If management uses it...
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