We live in interesting times.?.!
Chairman Baker reported as saying a share buyback is a good way to return capital to shareholders.
Makes him sound very benevolent doesn’t it, like being generous and doing shareholders a favour by buying their shares and putting them out of their misery.
But it wasn’t that long ago he held his hand out to shareholders asking for more cash to play with.
Weird and funny world we live in
Be a bit embarrassing if they ask for more cash in the next year or two .... Bull says debt levels are bad
Announcement showed a lot of undrawn lines of credit avaliable to Turners.
I aso note they are adjusting their stock holding of vehicles,which will also free up capital.
The company generates profits.
Their Insurance company reserves provides capital for property developments.
The $4mil of loans a month Turners are now putting through Oxford finance, could again be put through MTF.
I've been looking to replace my car and found their prices well above other dealers for sam car and kms. Perhaps they'll come down a bit now to raise cash for the buyback?
As for the buyback. Are they effectively also using money raised in the bond issue to support the shareprice and do the directors with substantial holdings a big favour?
Yes the buyback will give me a larger slice of the cake too.
ps.Should you find the car you want at Turners,negotiate.Quote the vehicles you are comparing theirs with.
I found when buying a car it focusses the sellers mind if you show them a bundle of cash.[Works best with sole traders].
Phew ...TRA shareprice is going up
It’s not going to be a downer of a day ....cool
Well said.
The Saudi's Russians and U.S. administration must be just as terrified of Cindy as we are lol. Someone told me she has been trying to claim credit for the prices coming down...disappointed I missed that particular bit of comedy.
Book value $2.43 at September
Trading above that now is a sign that the market expects much better financial performance in future ....ie actually earning more than it’s total cost of capital instead of currently struggling to do so.