My recollection is that when the buyback was announced Telstra share price was about 3.90 now it roughly in one year 3.77.
The traders and Custodian and Nominees companies made heaps when the share price went above $4 bucks during this period.
When u consider who are the majority of shareholders the buyback amounted to squandering monies!
Penn would have been better off increasing the dividend….the current share price suggests that the board and management team deluded themselves about the value of the company.
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