RE:AGF buying back sharesIt's not that simple. If they were to buy back 10% of their shares they would have 10% less shares than before but how it affects value depends on what they paid. In this situation book value is some $12. If they bought at $6 for simplicity then they would have paid 50 cents on the dollar for the shares so book value would decrease by 5% and outstanding shares by 10% which means book value per share would increase and be roughly (12-.6)/.9 or $12.67 which would be about a 5% increase in value. The deeper the discount paid the greater the increase in book value per share.