Holders, if you're interested, AFR Street Talk has an article that should be in today's AFR hard copy. The article is about a company called Bravura (ASX:BVA). It describes an aggressive buyback of 10% of shares BUT the major holders of the company (Carp- a subsidiary of Ironbridge Private Equity- 63%, and Fisher Funds- 13%), will, when the buyback is finished, own 80% of the company together. They, of course, did not participate in the buyback. The AFR says pundits reckon they'll wait until the buyback is over, and then mop up.
Here's the link to the article (members only or take a free AFR trial):
I now look at buybacks in a very different way. They are magnificent for large holders. I always thought it was just done for the little guy! :) Still, with such a big buyback for AMU, it could become a very unusual, and potentially worthy play here. At least if you hold shares, you know you'll have a buyer!
You'd have to think this will go through- the beneficiaries hold too many shares for it to fail.
AMU Price at posting:
21.0¢ Sentiment: None Disclosure: Not Held
