BlackPeter
The last presentation showed they had plenty of undrawn credit.
The last interim result showed they were very profitable.
Each share brought back is cancelled.
Therefore each cancelled share saves 17 cents being paid to cover its dividend.At present time the gross yield is 11%.
Turners NIM is over 9% which is twice HGH's.
Turners have a number of revenue chanels,property development,vehicle auctions,vehicle sales,finance,insurance,and end of life vehicle logistics.
So we are happy with HGH's equity ratio of just under 14%.
Therefore I would think Turners should operate with an equity ratio somewhere over 20% .