Bravada International Ltd (BRAV)

[Beezerr34]

You can still issue stock for various reasons even when buying back. The last PR confirmed that BRAV will not issue stock for "capital considerations" as long as the company perceives its stock price to be undervalued. I doubt that BRAV will be buying back stock all the way "up" to the valuation that it laid out as a guideline for future stock issuance. That's why the PRs accomplish two different things and carry two different messages. They basically mean this: If our share price is very low, then we will buy back. If our share price begins to move, then we might not buy as much back because we will begin using more of our free cash flow to expand; but we will not issue any new stock until we reach full valuation. I hope that makes sense.

Also, remember that the last PR made very clear that BRAV wants to maintain its growth rate. That's a big deal.