In theory Jag could use say 70% of its cash ie rm364m to buy back 65% of its shares. With new share count of 200m, eps would jump to 60sen, and pe would dive to 1.6x Easily worth double perhaps triple.

the AGM approved the 10% share buy-back resolution by 99.99% Now with rm600 million cash , up to what price will the owners buy their shares up to ?? The best comparison is Southern Cable (0225) - same business n same profit but trading at 20 times PE. If so JAG ( ex- KUB ) shd trade above rm2 !! After the share-buyback 72% shares will "lock-up" leaving a free float of only ~ 28%.