According to their announcement on 16 June, they had been working on a capital return plan whilst assesing Mediaworks as a candidate for purchase.
So that means they have been working on a capital return plan for months now? Months to establish that they need to do a share buyback and a special dividend?
To me it really reads as though something else 'material' is being worked on, and they are hoping to present something to shareholders before August 25, and hence the reason for continuing to stall.
There is no other logical reason I can think of to keep stalling a buyback, especially given the SP remains low. They could confidently have annonced a $30M on market buyback weeks ago.
But they haven't - and it seems shareholders will be even better off to wait another month before announcing it? Makes zero sense.
Unless...
SKT Price at posting:
$2.06 Sentiment: Buy Disclosure: Held
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