I think you are wrong and it's for a reason most us agree with. R/s makes life easier for a company sure, but it also destroys credibility. The thought that goes through investors minds when it comes to an R/S is if they are willing to do one now, then they are willing to do it again and again. That to me, is concerning, because if the stock gets raised to an inflated price through an R/S and the product, operations, net income, and management doesn't reflect the new inflated PPS, then it quickly deflates back to a price that supports the previous factors.
I do not support R/S's unless its a company that for example is like Apple that makes billions and the PPS is grossly undervalued, then at that point it makes perfect sense to do one. But to do an R/S just to cancel shares or inflate, it's stupid. Let the shareholders and stock naturally inflate on its own and if the factors determine this to be worth 5.00 per share, then so be it. If its only worth .50 cents then make the company better so that it can reach the end goal, and buy back the shares to retire them. That's my take.
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