As i've said before, i believe it's a function of the demerger from BHP and most people have just put these shares in their bottom draws and almost forgotton about them. This leads to not many shares being traded and therefore only small amounts being available to buyback. The board is not acting in shareholder best interest by announcing increased buybacks when they know they can't spend the money. Maximise the dividend or buy something like the coal mine that feeds the blast furnaces at PK steelworks and the export coke business.
BSL Price at posting:
$22.62 Sentiment: Buy Disclosure: Held
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