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+ADw-p style+AD0AIg-font-size:22px+ADs- line-height:28px+ADs- margin:0 +ACE-important+ADsAIgA+ADw-img src+AD0AIg-img/img59.jpg+ACI- alt+AD0AIgAi- width+AD0AIg-451+ACI- height+AD0AIg-99+ACI- /+AD4-
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+ADw-p+AD4-Corporate share buyback is an effective
tool to prevent companies' share prices
from devaluation and re-instilling promoter
confidence. As the number of share buybacks
climb, the debate over the concept heats
up further.+ADw-/p+AD4-
+ADw-p+AD4AJg-nbsp+ADsAPA-/p+AD4-
+ADw-p style+AD0AIg-font-size:18px+ADsAIgA+-In June 2013, the Securities +ACY- Exchange Board of India (SEBI), the
Indian capital market regulator, did what was most desired by investors
and shareholders. It raised the total buyback quantity to 50+ACU- of the
company's total buyback offer size, while simultaneously reducing the
period of buyback to six months from the earlier period of one year.
Moreover, it states that share buybacks upwards of 15+ACU- of the company's
total share capital will have to be made through a tender offer, besides
also restricting companies from raising funds from the market for one
year following the share buyback.+ADw-br /+AD4-
+ADw-br /+AD4-
The step seems to have been taken at the right time. Revised guidelines
regarding corporate share buybacks will ensure regulation in pricing,
quantity and periodicity aspects of buyback offers. The revised guidelines
will ensure companies make genuine share buyback offers and do not
use them as a tool to prop up their stock prices.+ADw-br /+AD4-
+ADw-br /+AD4-
In the past, companies have kept share buyback offers open for as long
as a year, without actually buying a single share. Moreover, of the 75
buyback cases in the past three years, most companies touched less than
50+ACU- of their target for buyback.+ADw-br /+AD4-
+ADw-br /+AD4-
In the backdrop of continued volatility in Indian stock markets, uncertain
economic environment, sluggish business prospects, and weak consumer
and investor sentiments, companies are increasingly resorting to share
buyback as a tool to restore investor confidence in the company and its
growth prospects.+ADw-br /+AD4-
+ADw-br /+AD4-
+ADw-/p+AD4-
+ADw-p style+AD0AIg-font-size:18px+ADsAIgA+ADw-span style+AD0AIg-font-weight:bold+ADs- color:+ACM-2b557e+ADsAIgA+-WHAT ARE SHARE BUYBACKS?+ADw-/span+AD4-
+ADw-br /+AD4-
Share buyback is one of the most important tools a company uses for its
financial restructuring. It effectively re-engineers the company's capital
structure, reduces its capital employed and balance sheet, and at the
same time, increases its earnings per share, dividend per share, return on
equity and return on assets. +ADw-br /+AD4-
+ADw-br /+AD4-
A corporate share buyback is usually attempted by a company when it
has surplus cash after incorporating the future investment opportunities
into its corporate strategy.+ADw-/p+AD4-
+ADw-p style+AD0AIg-font-size:18px+ADsAIgA+ACY-nbsp+ADsAPA-/p+AD4-
+ADw-p style+AD0AIg-font-size:18px+ADsAIgA+ADw-img src+AD0AIg-img/img60.jpg+ACI- alt+AD0AIgAi- width+AD0AIg-494+ACI- height+AD0AIg-138+ACI- /+AD4APA-/p+AD4-
+ADw-p style+AD0AIg-font-size:18px+ADsAIgA+ACY-nbsp+ADsAPA-/p+AD4-
+ADw-p style+AD0AIg-font-size:18px+ADsAIgA+-Buyback of shares at a premium to their current market price sends
out a strong signal to shareholders on the stock price's undervaluation
and displays the management's conviction in the company. Companies
often prefer to utilise corporate cash for share buybacks versus paying
dividends or investing the piles of cash in the business.
+ADw-br /+AD4-
+ADw-br /+AD4-
As the move results in an increase in promoter's stake, it reinforces
their promoter's confidence in the company's fundamentals and future
potential.
+ADw-br /+AD4-
+ADw-br /+AD4-
Investors usually favour share buybacks on two conditions are met.
First, when a company has ample funds to take care of the operational
and liquidity needs of its business+ADs- and second, when the stock is
selling at a material discount to the company's intrinsic business value,
conservatively calculated.+ADw-/p+AD4-
+ADw-p style+AD0AIg-font-size:18px+ADsAIgA+ACY-nbsp+ADsAPA-/p+AD4-
+ADw-p style+AD0AIg-font-size:18px+ADsAIgA+ADw-img src+AD0AIg-img/img61.jpg+ACI- alt+AD0AIgAi- width+AD0AIg-494+ACI- height+AD0AIg-457+ACI- /+AD4APA-/p+AD4-
+ADw-p style+AD0AIg-font-size:18px+ADsAIgA+ACY-nbsp+ADsAPA-/p+AD4-
+ADw-/div+AD4-
+ADw-div class+AD0AIg-ir-new-content-col2+ACIAPg-
+ADw-p style+AD0AIg-font-size:18px+ADs- margin-top:136px+ADsAIgA+-
+ADw-/p+AD4-
+ADw-table width+AD0AIg-494+ACI- border+AD0AIg-0+ACI- cellspacing+AD0AIg-0+ACI- cellpadding+AD0AIg-0+ACIAPg-
+ADw-tr+AD4-
+ADw-td colspan+AD0AIg-2+ACI- valign+AD0AIg-top+ACI- style+AD0AIg-font-weight:bold+ADs- color:+ACM-2b557e+ADsAIgA+ADw-img src+AD0AIg-img/img62.jpg+ACI- alt+AD0AIgAi- width+AD0AIg-494+ACI- height+AD0AIg-196+ACI- /+AD4APA-/td+AD4-
+ADw-/tr+AD4-
+ADw-tr+AD4-
+ADw-td width+AD0AIg-31+ACI- valign+AD0AIg-top+ACI- style+AD0AIg-font-weight:bold+ADs- color:+ACM-2b557e+ADsAIgA+ACY-nbsp+ADsAPA-/td+AD4-
+ADw-td width+AD0AIg-463+ACI- valign+AD0AIg-top+ACI- style+AD0AIg-font-weight:bold+ADs- color:+ACM-2b557e+ADsAIgA+ACY-nbsp+ADsAPA-/td+AD4-
+ADw-/tr+AD4-
+ADw-tr+AD4-
+ADw-td colspan+AD0AIg-2+ACI- valign+AD0AIg-top+ACI- style+AD0AIg-font-weight:bold+ADs- color:+ACM-2b557e+ADsAIgA+-ADVANTAGES OF SHARE BUYBACKS+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-tr+AD4-
+ADw-td colspan+AD0AIg-2+ACI- valign+AD0AIg-top+ACIAPg-Let us take a look at the benefits a share buyback can have.+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-tr+AD4-
+ADw-td valign+AD0AIg-top+ACIAPgAm-nbsp+ADsAPA-/td+AD4-
+ADw-td valign+AD0AIg-top+ACIAPgAm-nbsp+ADsAPA-/td+AD4-
+ADw-/tr+AD4-
+ADw-tr+AD4-
+ADw-td valign+AD0AIg-top+ACIAPgA8-strong+AD4-a.+ADw-/strong+AD4APA-/td+AD4-
+ADw-td valign+AD0AIg-top+ACIAPgA8-strong+AD4-Sizeable Cash:+ADw-/strong+AD4APA-br /+AD4-
Companies sitting on piles of cash are often under pressure to return
the value to the shareholders. Share buybacks send out a positive
signal to investors. When a company announcing share buyback has
sizeable cash reserves, it is utilised to buyback shares at a premium to
the market price, giving a strong indication to markets that the stock
is undervalued. Share buybacks also help in reducing the number of
outstanding shares and in improving the Earnings Per Share, return
ratios, and the balance sheet.+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-tr+AD4-
+ADw-td valign+AD0AIg-top+ACIAPgAm-nbsp+ADsAPA-/td+AD4-
+ADw-td valign+AD0AIg-top+ACIAPgAm-nbsp+ADsAPA-/td+AD4-
+ADw-/tr+AD4-
+ADw-tr+AD4-
+ADw-td valign+AD0AIg-top+ACIAPgA8-strong+AD4-b.+ADw-/strong+AD4APA-/td+AD4-
+ADw-td valign+AD0AIg-top+ACIAPgA8-strong+AD4-Rising Share Prices:+ADw-/strong+AD4APA-br /+AD4-
When a company buys back shares by reinvesting their own capital
into the company, it reinforces their confidence in the company's
business, thus helping to prop up the share price. Citing a recent
example, the stock of FMCG player Hindustan Unilever Ltd was
quoting at +AGA- 583.80 on April 30, 2013, the day of its share buyback
announcement. The company announced its intention to buy shares
from the market at +AGA- 600 a share, a premium to the then quoting
share price. A month after the buyback announcement, the share
price surged to +AGA- 595.60 a share.+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-tr+AD4-
+ADw-td valign+AD0AIg-top+ACIAPgAm-nbsp+ADsAPA-/td+AD4-
+ADw-td valign+AD0AIg-top+ACIAPgAm-nbsp+ADsAPA-/td+AD4-
+ADw-/tr+AD4-
+ADw-tr+AD4-
+ADw-td valign+AD0AIg-top+ACIAPgA8-strong+AD4-c.+ADw-/strong+AD4APA-/td+AD4-
+ADw-td valign+AD0AIg-top+ACIAPgA8-strong+AD4-Increased Shareholder Value:
+ADw-/strong+AD4APA-br /+AD4-
One way to measure the companies making prudent share buybacks
is to compare the valuations at which they pay for their own shares
to the stock's historical median valuation. In the event of the
number of outstanding shares decreasing due to a share buyback,
the shareholder value or Earnings Per Share of the stock increases.
Companies often continue to protect their earnings by buying back
the number of shares necessary to prevent earnings dilution.+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-tr+AD4-
+ADw-td valign+AD0AIg-top+ACIAPgAm-nbsp+ADsAPA-/td+AD4-
+ADw-td valign+AD0AIg-top+ACIAPgAm-nbsp+ADsAPA-/td+AD4-
+ADw-/tr+AD4-
+ADw-tr+AD4-
+ADw-td valign+AD0AIg-top+ACIAPgA8-strong+AD4-d.+ADw-/strong+AD4APA-/td+AD4-
+ADw-td valign+AD0AIg-top+ACIAPgA8-strong+AD4-Increased Float:
+ADw-/strong+AD4APA-br /+AD4-
As the outstanding share count of the company decreases, the
remaining shares represent a larger percentage of the float. If demand
for the stock increases and there is less supply of stock, it leads to an
upward movement in the price of the stock. Fewer outstanding shares
means the remaining shares are worth more. The value of the stock
changes as there are now fewer shares outstanding.+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-tr+AD4-
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+ADw-td valign+AD0AIg-top+ACIAPgA8-div align+AD0AIg-right+ACIAPgA8-em+AD4-- IR Connect+ADw-br /+AD4-
Editorial Team+ADw-/em+AD4APA-/div+AD4APA-/td+AD4-
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+ADw-div class+AD0AIg-advise-cont+ACIAPg-
+ADw-h2+AD4-Tarquin Edwards+ADw-/h2+AD4-
+ADw-h2+AD4-Director (Peckwater Dickenson Limited, UK)+ADw-/h2+AD4-
+ADw-h2+AD4-Member, Advisory Council+ADw-/h2+AD4-
+ADw-p+AD4-Tarquin has a Masters degree from Oxford University (Christ Church) in Byzantine Studies and has a BA Hons degree from the University of London (Royal Holloway) in Ancient and Medieval History. He founded Peckwater PR in 2009 following over 15 years in the City of London in the financial PR industry. He has advised on a large number of M+ACY-A and IPO transactions as well as providing crisis communications and litigation support. He has considerable experience co-ordinating and implementing media and IR campaigns for mid to smaller quoted and privately owned companies. He was a principal in the team voted financial PRs of the year in 2006. Tarquin's earlier career at other agencies has encompassed Dewe Rogerson, Millham Communications, Holborn PR, Binns +ACY- Co and Adventis Financial PR (part of the Adventis Group plc), out of which Peckwater was borne following an MBO. Prior to entering the world of financial PR, Tarquin began his career in the Fine Art world, working for Wildenstein +ACY- Co Ltd, the international fine art dealers.+ADw-/p+AD4-
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+ADw-/script+AD4-
+ADw-/body+AD4-
+ADw-/html+AD4-