You are right to a degree reiner but it is about the message it...

You are right to a degree reiner but it is about the message it sends to the market rather than the physical buying of the shares. $70m would buy about 7% of the companies outstanding stock....hardly immaterial. But more importantly, 20m shares purchased, assuming average daily volume of say 700,000 shares would represent about 30 days of trading. Assuming the buyback only bought say 25% of the average days volume, then that means we could be in there buying stock for months.

And it's not necessarily all about keeping the share price up. It's about creating value, and buying back your own shares at a deep discount to real value is about the best thing you can do to add value for shareholders.