Agree about the move, but I can't help but feel that SWM does...

Agree about the move, but I can't help but feel that SWM does not have strategic clarity. They seem to have so many ideas but not enough money or financial optionality to execute.

They launch a buy back that is almost meaningless, now purchase a stake in another entity that they know they cannot take over, they are not paying a dividend and they are not paying their debt. Question is, they need to do one thing at a time, and not pursue all 3 or 4 objectives and fail all of them.

Perhaps they have made up their mind and will pursue the ARN venture to its fullness but they are not prepared to declare that to the market, which shows why the buyback has been pathetic and why they have refused to pay even a small dividends.