This is a company that had no earnings last financial year and has a modest amount of cash in the bank.
So now they choose to spend capital on buying back stock.
The same decision is a decision to have less working capital available to acquire new businesses and expand existing businesses.
The next thing we know in 12 months time they will announce a new acquisition underwritten with a share issue.
So they are treading a fine line with me right now.
As they say (quoting Peter Lynch).... earnings, earnings, earnings.
Gosouth
Ann: Notification of buy-back - AFL, page-6
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