“There is only one combination of facts that makes it advisable for a company to repurchase its shares: First, the company has available funds — cash plus sensible borrowing capacity — beyond the near-term needs of the business and, second, finds its stock selling in the market below its intrinsic value, conservatively calculated.” — Warren Buffett, 2000

Sometime ago, I stumbled across a listed company called GP Industries Ltd. According to their 2014-2015 Annual Report, the company holds a 62.2% interest in GP Batteries International Limited. GP Batteries is engaged in the development, manufacture and marketing of batteries and related products. GP Industries is principally engaged in the development, manufacture and marketing of electronic and acoustic products. In addition, GP Industries also manufactures automotive wire harness products. Most of the company’s revenue is from batteries (see below). At that time, I gave GP Industries a second thought because ......