Time for a buy-back?

I am a relatively recent new shareholder in GRR.

The financials for this company seem unbelievably good - profits, cashflows, gearing and valuation.

However, I am nervous about the ultimate intentions of the (now unrelated) major shareholders.

I am also skeptical about the mooted upside from and the strategic logic for using company money for property developments in an overcooked Melbourne unit market.

They should finish these projects and flog the properties and put the money to work in a more logical way.

So, with a grossly undervalued share price, the question is why NOT undertake a share buy-back?

It seems to me that there is a lot of idyll cash on the balance sheet and they still have strong cashflows.

So, buying back stock while it remains cheap seems such an obviously positive strategy.

I do not understand why the Board have not started buying back stock already (rather than venturing off into property speculation).

I am not suggesting that the company cease dividends, but rather supplement shareholder returns by buying back stock to reduce the issued capital and improve further earnings per share and dividends per share - and simultaneously raise the share price.

It is a win-win-win strategy!!!!

Perhaps the Board should allocate $20-30m for a buyback?

It would allow them to buy 50-100m shares, depending on the average price paid.

I would hope that that would also result in a 50-100% improvement in the share price and reduce the massive share price discount.

What am I missing here??????