Ann: Dividend Declaration, page-237

I honestly don't get a buy back for TER. Just seems, in my opinion and based on my understanding the direction the company is going, not very logical.

• There appears to be no long term goal for the company beyond Blair Athol, well nothing they have announced anyway. There is good chance, unless something major happens, TER will be worth nearly nothing in about 8 years time.
• The BOD want to give as much cash as possible back to shareholders by way of dividend while it is making great profits.
• I don't really think the BOD currently really cares what the actual share price is, just a hunch, because of the two item as above.
• Unless the buy back is going to be big - 30%+ of issued shares, than why even bother, in my opinion. The share price wont move a whole lot if they only buy back 5% of issued shares.

In saying all that, i wouldn't be surprised if TER management decide to do one.