Yosemite I appreciate they aren't going to put a buy order in...

Yosemite I appreciate they aren't going to put a buy order in for 50 million shares on March 1st lol.

I watched the buybacks for LNC and AZZ have little effect on the price of both those stocks.

Fundamentally they are a bit different especially with regard to the capital structure.

UML must have the highest cash backing of practically any share on the ASX with 44mm in the bank and 8 mm in bonds and a market cap of 69 mm.

At todays closing price of 13.5 cents it will cost 6.75 mm to buy back 50 million shares.

So the company spends 13% of it's cash surplus to increase the value of shareholdings buy 10%?

I would be interested to see a brokerage initiate coverage on UML and have a real dig at the intrinsic valuation of this company.

Too complicated for mine I just see it as being ridiculously undervalued as do the board.

Could be a volatile couple of months coming up anyway!