meaning of buy-back?, page-15

I love Roger's work, however I don't think he'd touch Zicom because the ROE is too low, but I think they're undervalued in a big way. Using the valuation methodology described in his book - using a 10% required return, 20% ROE, and a very small payout ratio I clocked ZGL currently trading at a HUGE discount to its intrinsic value.

One point however - the share buyback at a discount to IV increases the value PER SHARE, not the value of the company as a whole.

They'd be better off playing down any good results achieved in the first half, otherwise the price at which they can buy back the remaining 16M shares will probably be higher, which is not in their or any other current holders interest.