to buy back or not to buy back

I don't understand this obsession for OZL to try and underpin its share price with a buy back....we have been in a bear market which is the overriding reason for the rotten share price and yes the merger was poor timing for OXR shareholders because of the zinc price, but if you believe in the long term potential of the BRIC economies you'd be confident that current prices aren't cause for panic, rather opportunity.

Unless you're facing margin calls or about to retire, why would you care whether shorters are making this their temporary plaything? the shorters' actions make no difference whatsoever to the underlying cashflow and operations of the company so why worry about a bandaid measure trying prop up the share price (I am talking about the buyback) which is like trying to hold back the tide (I am talking of the bear market and general sentiment).

Positive sentiment will return as will confidence in the business looking forward. Zinc is the ugly duckling of their commodities exposure but that too will change. Isn't Century a lowest quartile cost producer of zinc? This will be producing cash flow long after marginal operations have closed, and will reap the greatest rewards when the zinc price turns around.

So when we look back at this bear market in 6 months or 12 months and see the amazing prices that were on offer in many stocks right now, will we say we are glad that the OZL board had the courage of its convictions and used the enormous cash box wisely in buying up other undervalued assets, or regret they lost their bottle and used the funds to shore up the share price?

Let me reiterate: the share price makes no difference whatsoever to the underlying assets or operations! The cash should be used to grab another undervalued asset, be it a RIO cast off or another company on the cusp of production that has been shellacked like OZL but is cash poor. Their is no synergy or value creation in a buy back but we can use OZL's strengths to complement another asset's weaknesses.

They're my thoughts. Should the merger have been handled better? Yes. Should disgruntled shareholders express dissatisfaction? Yes. Should they then look forward, not back? Yes.