Ann: Morgans Mid-Cap Afternoon Presentation, page-23

if management realise they can buy $1 for 20c with more inside info than regular investor then I say fill your boots!

That's exactly what happened last time and whilst each situation is different, my actual point is that what you propose is not a guaranteed outcome, but a strategy subject to future events.Those events may never eventuate. I follow other companies where management think their perceived EV is far above their actual mkt value...The mkt continues to laugh them out of the park.

The dividend is the guaranteed outcome for shareholders.