The buyback has a 12 month or less timeframe started from late last year though is likely at this buy rate to finish somewhere prior to the May half yearly financial results (with their spend capped at 150 million aud). Not a coincidence IMO.
I would think it's quite likely they're buying aggressively\ahead of schedule now so they don't have to pay more later after the May results. If the results are as expected or greater the current SP will be history and a good likelyhood the stock will return to a price reflecting that. That would make buying at this price a very smart move on their part.
(Just to add it makes no sense they'd accellerate the buy back if they thought the next results may be be poor as that would mean the buy back accellerated would be at a loss too on the capital used when they had more time to stretch it out. Totally illogical given they are inside the business making these decisions, they'd be smarter than that IMO).
To me it looks like management are playing strategically to get the most value out of the buyback with a SP recovery in mind with the next results in mind.
- Dyor etc -
WEB Price at posting:
$4.69 Sentiment: Buy Disclosure: Held
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