As far as I am aware the maximum you can buy back within a year is 5%. KPG will need every available dollar to assist with their massive expansion at Drury.
The market is telling you what its thinks of the huge outlay involved by sending these under $1. I think management are going into this without a clue in the world as to whether the Drury thing will be eps accretive or not. Do they have any experience at all with a development of this size ? It seems to me that the directors and management think its all about building wonderful new facilities for other stakeholders to enjoy in an environmentally sensitive way. What's in it in terms of earnings accretion or dilution seems completely irrelevant to them. Why ?
Good questions for the next shareholders meeting. What assurance can you give us that the Drury development will be eps accretive to shareholders ?
If you can't give us this assurance who are you serving and why are the owners of the business not being put first ?
If this is eps dilutive why not just stop being Magpie's collecting shiny new things and do a share buy-back instead ?
(Optional for extra impact) you could dress in black and white colours like a Magpie.