It seems a bit useless at the moment - not many shares bought back at this point. There is plenty of cash and liquidity for acquisitions; and dividends are not effective without franking credits - so it is the appropriate use of funds.....it just seems that the execution of it all is a little...lost. Essentially it seems to be absorbing some of the sell side to constrain the SP to a $1.70 to $1.80 range; but without the volume to significantly add value or pump the SP up. I'm mainly curious as to why they stipulated $20 million when they are buying at a fraction of the rate required to buy that amount in a year. It seems that they have taken a longer term view that revolves around the full year results or an acquisition - either as a share price prop in the event of sub par results or as a value adding sponge under a revaluation scenario off the back of positive results or an acquisition. Not expecting much trading outside of this range over the next three months, unless a material acquisition occurs.
EPW Price at posting:
$1.70 Sentiment: Buy Disclosure: Held
