True, but the point is buy backs may increase your NTA and be a good sign, though for companies that are really only capped at below A$20m, they should be making the dollars work harder. Companies like this have the potential to really create wealth or just tick along until they need to react to something unexpected. The question to ask is, if they sold off the UK business what would they get for it compared to their current valuation. There is a MacDonald store in WA that turns over A$20m on about 18% net profit and it does not have the A$400,000 a year ASX related overheads. That may sell on 4 times earnings.
ICS Price at posting:
$1.55 Sentiment: None Disclosure: Not Held
