Normally I don't like share buybacks - it's an admission of...

Normally I don't like share buybacks - it's an admission of failure by mgmt that they can't find any thing better to invest their cash in ( like all the wonderful projects they are always touting to the market).

But in UML's case, the value is so freakin obvious I strongly support this move

One other point to consider is that historically companies rarely follow through on these buybacks. The announcement itself lifts the price a bit, so the company ends up buying few, if any, shares.