meaning of buy-back?, page-14

obelix, I recently finished reading value.able by R Montgomery. Its a great book and very practicle.

when a company buys back shares, if they are bought back at a discount to instrinsic value, then the company is increasing its value, but when bought at a premium to instrinsic values it destroys wealth.

ZGL sp is at a large discount to i.v. in my opinion, and so the buy back will increase value.

Hence I am still acummulating shares.
It may take a while for the rerating the company deserves, but I think it will happen within this year.

I am impressed with the cost reductions in the less performing areas of the business, but I would rather see them sell these divisions, and focus on the stronger ones.