Looks like IFT are using some of that IFTWB cash they just received to buy back some of the newly issued shares.

750,000 @ 1.61 on the 26th http://www.nzx.com/markets/NZSX/IFT/.../Share-Buyback
350,000 @ 1.65 on the 25th http://www.nzx.com/markets/NZSX/IFT/.../Share-Buyback
750,000 @ 1.67 on the 21st http://www.nzx.com/markets/NZSX/IFT/.../Share-Buyback

Probably not a bad idea considering they're buying them back for less than the cash they received ($1.67 = $0.55 + $1.12) when they issued them.

It also means the directors believe the best thing they can do with the company's money is to reinvest back into the company. Surely a good thing.

Major shareholder Utilico increasing their stake

http://www.nzx.com/markets/NZSX/IFT/...tilico-Limited

A number of directors also increasing their shareholdings

http://www.nzx.com/markets/NZSX/IFT/...sure-Tim-Brown
http://www.nzx.com/markets/NZSX/IFT/...rs-Kevin-Baker
http://www.nzx.com/markets/NZSX/IFT/...Lloyd-Morrison
http://www.nzx.com/markets/NZSX/IFT/...e-David-Newman
http://www.nzx.com/markets/NZSX/IFT/...re-Kevin-Baker

All good signs IMO