Not much commentary on HC re SWK. Some thoughts re results:A)...

Not much commentary on HC re SWK. Some thoughts re results:
A) The share buyback caught me offguard. I thought SWK would go for a higher div but clearly management feel the SP is considerably under-valued and have opted to buyback 10% of shares. Div at 0.5c f.fr same as interim. All-in-all i feel it's a sensible move and hope company vacuums up anything below 30c. Will follow with interest.
B) Very pleasing to see company outline expected EBITDA and CAPEX for FY13. it means shareholders don't have to guess what to expect. At 19m, capex is double what i had anticipated. i wonder how much in new rigs v refurbishment of old?

Meanwhile a shocking day for mining service stks but i am keeping my SWK and IMD holdings. Plenty wk booked-in by SWK gives me confidence in ESP re FY13. Let's hope we get some good news from N.America soon.