RE:RE:RE:RE:Q1 resultsAll banking agreements have restrictions on buybacks / dividends. I actually have a large corporate agreement with the BMO group in Montreal, so I know the bankers who are dealing with RET. Distributions are typically defined as both dividends & share buybacks and you are always restricted in making distributions if they result in a breach of covenants.
Normally covenants include maintaining a level of EBITDA ratio - so you have to be careful when adding in buybacks that you don't breach.
I don't think buybacks are happening for a little while - they need to work on their cash flow situation and their EBITDA numbers.
However I will agree with you that management / BoD here are crazy to not buy at these numbers. My position is bigger than 80% of the BoD combined which is insane. I don't understand why our CFO friend or BoD invest in the company.