Regarding the buy-back. Don't forget that in recent years the company has issued a LOT of new shares so it makes sense to mop up some of the disaffected shareholders and there must be quite a few of them with the SP where it is.
My opinion is that Turners needs to be more disciplined with where they allocate their capital to get the best returns and endless issues of new shares to fuel growth doesn't work unless its eps accretive. Buy-back will help them be more focused on being more selective with capital works projects...which is a good thing in my opinion.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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