Ann: Notice of on-market share buyback, page-2

hmmm this was a productive day on the buy-back.

I like this scenario a lot.

Share price dropping into a buy-back that will be very accretive for remaining owners.

I was worried when the buy-back dragged on after the announcement in Dec 21 that they may have missed the chance to mop up decent chunks of issued stock at compelling prices, however this is going to well at the moment as the share price falls.

This is the type of scenario where I'm happy to see much lower prices on a holding as it both allows one to buy more at compelling prices and also to have the company match each incremental purchase with an additional 10% ownership.

There may well be some owners happy to bail out into this buy-back whilst they have liquidity to do so.

I still think it's a tremendous asset to own (and own more of). Near monopoly, generating strong cash flows, sitting in net cash balance so unhindered by interest rate rises (other than associated effects of NZ property market possibly muting their revenues) and actually stand to benefit from being able to earn a return on their surplus capital going forward, or they can continue with dividend and capital initiatives.