Ann: Market Guidance, page-64

For people who want a return, you could obtain it also with shares buyback. Company buys 10% of the shares. SP move up. And you sell 10% of your own shares (your return). At the end you still control the same % of the company.

About price, it's a theory, of course. But the same with dividends. If you pay a 10% dividend, SP should be 10% less tomorrow.

So, for me, the decision is just : what management thinks about the SP ? If they think it's cheap and if they have cash in hand, just buy shares. If not, that mean management doesn't think SP is cheap. And they have much more (or MORE ) information than us...

For example in the same (almost) field, Anglo Pacific, a resource royalty company thought in September (and a few months before) "the SP is too low". The company put his money where his mouth was. And bought shares for 5 million £ at 108 pence. A few months later SP is around 135 pence. And because they need money to buy a huge cobalt stream, they issue shares at 128 pences. Clever ! (except the very quick way they issue shares).

But here I don't know what management thinks about the share price...