Great post Access- thanks. Even if you're half right I can't help but ask why then they're not putting the brakes on development growth and ploughing those cashflows into the buyback.....returns on the buyback exceed (easily) those of expending development cap at these prices. Whilst I'd prefer cash on the balance sheet, they do have access to loan facilities. When equity is this cheap I have no issue dipping into the red to fund a smaller growth program and diverting more cash to reducing equity whilst the opportunity presents.
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Great post Access- thanks. Even if you're half right I can't...
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