RE:RE:RE:NCIB RENEWED!!What you don't seem to understand is a company can have poor timing when they buyback their shares and this can cost the company money as shown below.
From page 3 of their 2022 Q3 report:
"Since the implementation of the NCIB, the company has purchased 3.7 million common shares for cancellation at an average cost of 7.05 per share".
Current share price of 6.54 - this adds up to Cardinal spending about 1,850,000 more on the shares they repurchased to that point than they are currently worth - this mistake happens all the time with companies NCIB's as they usually repurchase shares when they have the cash flow to do this and this coincides with high commodity and share prices.
Dividends reward the owners of the company and do not depend on timing or the whims of directors - there are far too many executives who are more interested in empire building that tend to forget who actually owns the company - THE SHAREHOLDERS.