"Hopefully they do something fair to all shareholders. Last time...

"Hopefully they do something fair to all shareholders. Last time it was a placement and a pro rata issue that wasn't totally unfair."

It doesn't look like retail share holders are going to get a go on the bike this time.

The amount that they raised is so small they probably figure it is not worth the cost.

"Management/board look ridiculous for funding the share buyback with $114m, and now needing cash"

Without arguing the merits of MCE's particular buyback, one of the reasons why, on average, buybacks are good for subsequent share holder returns is that a buyback removes the temptation for management to use the surplus cash to empire build by making acquisitions or other investments that all too frequently turn out to be ill-stared. Opting for a buyback is suggestive of the exercise of some discipline by the management. MCE's expertise is evidently in composites and presumably, at the time they did the buyback, they already had surplus capacity. That they eschewed going off on a frolic in some other direction with the money is probably a good thing.

Cheers.