Jim, in general I agree with your comments - although some portion of the blame has to go to investors who place such huge importance on something that really doesn't matter - i.e. dividend cancellation - there is a rule of thumb out there that dividend cancellation is 'bad' but really it doesn't alter the value of the share - too many fund managers around trying to hold on to their jobs and not maximise their unit holders wealth. Why can't people objectively value a company and not be swayed by the herd.
Agree that they are pulling the right levers to get the price down, and then hey presto, they buy back the shares because of threatened legal action by fund managers (not because they are dirt cheap and worth way more than the current price!!!)
Ed
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