I believe that IFT only factors debt they hold on balance sheet... debt within held entities impacts their own valuations on the IFT balance sheet.
Also AFAIK - IFIT currently have 0 debt - as they used the proceeds of TLT to pay out debt, bonds still exist though
I personally hope that they do not do a share buy back... has proven recently to be a poor use of capital for many companies and IMO they will not use it as it is unlikely to provide Morrison & Co any additional revenue for performance...
As far as I can see... they either get 1.5% return on international portfolio valuation and scaled return on NZ portfolio - I cannot see any mechanism that management benefits from a higher share price in the agreement.
IFT Price at posting:
$7.60 Sentiment: Buy Disclosure: Held
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