CSC share buyback program - value for money??
CSC's 10K report disclosed that under its buyback program CSC bought 1,353,000 shares for a total cost of $65million in Q4 FY11. The average price was $48.01 per share
At today's price of around $38.50, all those shares could have been bought for $52million. So CSC has wasted so far about $13million of its shareholders' money.
As a CSC shareholder, I would have preferred to see these $13million invested in ensuring the company had a Finance organization which was fit for purpose. There could have been an excellent return on investment already by having avoided $91million of accounting irregularities in Nordic.