Up till last year management was keen on buy backs. Net cash is also up $80 million from last year but then buy back was stopped. Has anyone asked management why buy backs ceased? I know management mentioned they keeping cash for strategic reasons but just seems odd that they need want to hoard so much cash.
Their cash to order book is far higher than the Tier 1 contractors and their working capital is mostly funded by the sub-contractors anyway. Does anyone have any insights on why the buybacks ceased?
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