News: CDD Cardno Announces Acquisition Of TGM Group Pty Ltd, page-8

Years of sub-par returns in the wilderness is fine for me, thats how I play the game.

A $1.35 swap over would have been nice, I didn't sell though.

Agree companies that pay dividends are great, it enforces capital discipline on managements.

Instead of getting say a 7% gross dividend from CDD last year my stake in the company increased by 5% with the buyback last year and they retained 2% cash to put toward this Victorian acquisition.

Pretty happy with that, just wish they could get 10% p.a. bought back.

The trade-off is always where else you could deploy the capital.