if u take a short term view then i agree that the buyback was a failure but if marampa gets sold in the future, they will be less shares to share the proceeds with.
as long as the buyback was done at a price less than the intrinsic value of the shares and they had no better use of the cash then it was probably the best way to utilise the cash at that time.
buyback looking like more of a failure, page-14
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