Some shareholders might not join the dots, that the shares...

Some shareholders might not join the dots, that the shares bought back by the company are cancelled, hence their own shareholding becomes a greater % share of the company and their future earnings per share (EPS) increases as a result.

Personally I'd be happy with a much larger buyback, the current one is quite conservative compared to the cash balance, but that said the company does allude to further growth and the remaining large hoard of cash will be important to achieving that with acquisitions as they look to continue the shift from a pure marketing company to 'owning the whole value chain'. This is consistent with a lot of company's, especially in food products, that the highest levels of China invest in .. owning the whole value chain.

This is a very successful company that has navigated significant headwinds in the past year or two and come out the other side in a very strong position with $1.6 BILLION revenue forecast, double digit NPAT forecast, growth, extremely strong balance sheet, heaps of cash on bank to give options for non-organic growth, reducing listed capital giving EPS growth to shareholders ... and an SP that's pulled up from massively oversold historic lows to deliver a near 50% increase in capital value to-date, before too many people have realised the turnaround recovery is in play.

And it's still so cheap historically you'd be mad not to have a decent chunk of A2M in your long term investment portfolio.