With $45 million to play with they could lift the price, though...

With $45 million to play with they could lift the price, though there is a calculated price cap on every trade to protect the integrity of the SP. I know this sounds too cute but Crescent are not the sole owner so they "should" buy back low, continue with their reforms and let the market work out the value. I'm not sure these things are linear but if you reduced the supply of shares you'd think you would get a similar SP increase. I sold out a while ago as I wasn't convinced they had the wherewithal to turn it around. This years results and forecasts will tell the story. I actually like the company and think it has a fair bit going for it, @croasian is a much better judge than I. Despite somehow converting $1 billion in acquisitions to $450 million, hiring two dud CEO's, putting a bizarre structure in place, failing to deliver any strategy successfully in last 5 years they still make a cash profit. They have basically no debt and all the bad news is gone (I hope). Actually it's a strong buy from me now, I just need a court case to go my way with KDR to enable me to free up some cash. Then I'm following @croasians advice and sitting on it for a while.