A markets chap Current Account met this week took him to task for some of the caustic comments he expressed about companies that do share buybacks. Effectively, what this column said was that buybacks were an admission of defeat by companies which had too much cash and too few ideas!

The markets chap took the view that, in many cases, buybacks are fine as long as they generate a better return than leaving the cash sitting in the balance sheet. Give the money to shareholders if they can't find a better use, was the argument. Hmm. I am not convinced.

And one reason why I am not convinced is that buybacks - loved by stockbrokers for the ridiculously easy commissions they generate - are inherently biased against small shareholders with institutions generally getting the lion's share of the stock being sold back.

Small shareholders in the likes of Greencore and Smurfit are probably glad that they didn't get the opportunity to sell back shares, given the way Greencore and Smurfit shares have performed since. But the argument still remains valid.

In the past week, two small cap stocks - Abbey and Arnotts - have gone into the market buying back shares. Did any small shareholders get the opportunity to sell their shares back to Abbey and Arnotts? Did they hell? Those buybacks were gobbled up by institutions.

That's why Ardagh's tender offer to buy back shares is a welcome move as it gives every shareholder equal opportunity. OK, Ardagh might be substituting this buyback for a skipped dividend, but at least Ardagh's little people know that they are guaranteed a sale of at least 1,000 shares worth €1,610 (£1,268).