generally speaking, share buybacks need to be viewed as investments. If Village is picking up cheap shares and taking them out of circulation, it is good news for you as a shareholder in the future, because you will have an increased percentage entitlement to profits. If they are making like Telkom in 2008, and buying overpriced shares, then it is money wasted and you would be better off insisting on a dividend. Another thing about share buybacks - it is a good way for directors to offload stock on the open market, so make sure that the director is not selling - that would be super dodgy (but I don't think there is a legal way for them to do that though?
Go to Moneyweb.co.za and listen to Marius Sayyman laqtest prodcast. He also mentioned that there are interested parties for Lesego and he also mentioned that the current value of Lesogo if +- R3.5bn and Village wants to offload this project to a company witch got the market cap to take it to production. What is going to happen with the R3,5bn if they sell it now? My feeling on the dividend is that they should declare some portion as dividen of the R412m and use most of it for share buy back.