Subject: Re: UTG - wow, the buybacks are getting interesting!
I want to present some weak reasoning relating to buybacks that produces an interesting number.

In 2023 Unite placed shares at 905p for expansion.

In 2024 Unite placed shares at 900p for expansion.

In 2026 they bought back shares modestly around 600p and enthusiastically at 500p.

One might speculate that 'fair value' might be somewhere around the middle of the two extremes of buybacks and placings.

(900+500)/2 = 700p.

(900+600)/2 = 750p.

Does anyone know other companies that have flipped from 'capital raise for expansion' to 'buying back'?

TRS

P.S. Selling something for 900p and buying it back for 500p is an amazing business model if you ever get the chance to do it.