unlike many companies that buy at overvalued SP to boost exec remuneration, i dont think that applies here.
Some examples - Westpac raised capital and simultaneously paid a dividend. NAB raised equity at 14, and did a share buyback at 28. ANZ raised equity at 18 now, and did a buyback at 27. Qantas did a share buyback at 5.50/6 and raised at 3.50 etc
While the share price is "high", the company couldnt do a buyback at $1, because they were in debt and not much profit. Now they are debt free, and trading on a PE of 1-2x. Does it make sense to buyback shares if you are trading at 1-2x earnings? I think so. Does it make sense to do a buyback at 18 - 20x earnings? no..
Target $9.36, page-1604
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