For many reasons. It benefits the company, executives, far more than it does you as a shareholder. Although many investors may think that buyback programs are benefiting them, intentions are often in favor of the company itself, and more specifically company insiders. DYOR.
Dividends should be a commitment and thank you to share holders into the future and rewards duly dished out, not buybacks beating EPS and big bonuses handed down to some already overpaid Andrex.
We shall see....
Dividends puts the dosh in your pocket not theirs.
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