Compel in mini share buy-back

Way to go

Compel, the UK reseller, conducted a mini buyback of shares yesterday. The company bought 260,000 shares at 95 pence per share. It will cancel these.

This is one way to improve earnings per share, perhaps veven to shore up the share price (although it would be more impressive if individual directors bought the stock). It also gives management ever so slightly more control than before the transaction. But surely the company has better things to spend its money.

Once the UK's third biggest reseller, Compel is now a mini-Morse, concentrating on the midrange and corporate rental market, following the sale of its desktop division earlier this year to SCC. ®