Over the longer term, Objective has reduced their shares on issue (SOI) from over 100 million in FY12 and FY13 to 95.2 million now. The big buyback was in FY14, when SOI got down to 88.3 million. Since that time they have slowly risen back to the current SOI of 95.2 million. There are not many companies that have actually reduced SOI over 10 years. Based on that record I am not too concerned about issuing of options to staff as part of an incentive package, and conversion of those to shares. They have plenty of cash to reinvest in the business at very high rates of return, which may be better than buying back too many shares.
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