HALF THE VALUE

Finweek English Edition - - INVESTMENT -

We’ve com­mented on this be­fore but it bears another com­ment, Bri­tish Amer­i­can To­bacco* (BTI) con­tin­ues to buy back its shares on an al­most daily ba­sis. The logic for share buy-backs is that they are cheaper than dis­tribut­ing ex­cess cash to share­hold­ers due to div­i­dend taxes and be­cause the stock is cheap in the view of di­rec­tors, sure. But what when the

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