Why no more buyback? The CEO said something like they stopped buying back shares because of the pending merger.
That seems rediculous as they'll be issuing shares so the bank will get 30% ownership (also 30% ownership of the cash on the balance sheet)
If they thought buybacks were so attractive, with many occurring around $2.50 cad why not buy back now? $1.85 CAD must seem like a steal, right?
I guess if you asked them the three likely answers are:
We were wrong, were bad at maths and shouldn't have bought back shares
We needed to mask our options and RSU's from shareholders
We cannot buyback shares given the merger. (That's a lie)
The more shares they buyback the smaller the pie, it doesn't matter that a 30% ownership dillution is going to happen.
I'm glad the bank made sure they have to distribute FCF in dividends but they've got some explaining to do as far as previous "rewarding shareholders"
sheesh