Can't see why MMG wouldn't apply some of the $400m to a buyback.
Even if earnings are 40c this year, we are talking a P/e of 4.5 times.
Refinancing is not until June 2010 (US$143m) & Nov 2010 (A$841 - after repayment of $85m this year - i understand it is already made).
lots of inaction by this mob!!
See: http://www.macquarie.com.au/au/mmg/news/attachments/27_aug_08_results_presentation.pdf
