exactly, many are not investing in SWM, they are taking a trading position, hoping that the buy back simply carries their share price upwards for an easy trade.
When this fails to materialize they get frustrated.
I am happy that SMW is taking its time, its buying back slowly, this frustrates the short term traders who exit, but which results in lower share prices, which results in better buy backs (for investors) as less cash is spent per unit of buy back.
Also SWM is probably trying to keep some money to reduce debt. Also SWM is probably trying to keep some money for future growth opportunities (maybe buy out a radio station or two).
At these prices I am very happy to just wait it out. Value is very decent.
SWM Price at posting:
40.5¢ Sentiment: None Disclosure: Held
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