The board continues to divert our entitlement of the $1billion on-market buyback to the top of the town!
I requested to the investor’s relations team to produce a table displaying in whose hand most of the last $750 million on-market buyback scheme ended up in! The table that I requested was in the format basically similar to the format as in the annual report distribution of shareholders … 1000, 5000, 10000 etc.
The Investor’s relation team were adamant in refusing to produce such a table but simply stated that Institutions participate in the on-line buyback scheme. I believe that they don’t want to produce any evidence that most of the last of $750 millions buyback scheme ended up in the hands of the institutions
As a reminder these institutions will still get the dividends and have the right to munch into what is effectively our entitlement.
It should be stressed that the board catering for the institutions isn’t illegal, simply because of a tax clauses, that us peasant have right to participate in the online buybacks.
If the board really cared for the mum and dad investors they had two other options, payment to all shareholders a Reduction in Capital distribution or RoC with Consolidation.
TLS Price at posting:
$4.88 Sentiment: Hold Disclosure: Held
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