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16/10/17
11:08
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Originally posted by Sydney_Slider
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The buy back is the smartest thing i've seen come out of this company for a long while.
Cash came in at 90c and they are buying it back those shares under 25c! What a trade.
The directors should be taking pay cuts until they get the company profitable and hit their targets. Once the company IS making profits (FY19 ~$5m?) the re-rating will only be exacerbated from the buy back (less shares on issue = higher share price for the same valuation).
Better than it sitting in cash earning nothing or being used to pay exorbitant director salaries!
Only reason i can see the directors not supporting it is they don't back themselves to get the share price up!
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Directors would be against it because buying back shares while losing money is madness. The only company I can think of that's ever done this is Cudeco.