Without wanting to get bogged down, I don't disagree with what you're saying in theory, but that is a separate issue to whether or not a share buyback will reduce the amount of profit that is available to distribute to shareholders in the form of dividends. Even if revenue is consistent with previous years, which is unlikely given the reduced FUM, then the buyback will still absorb a significant chunk of what would have been profit, the effect of which being that there is less that is paid out to shareholders.
Ann: On-Market Share Buy-Back, page-59
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