Ann: Working Capital Increased as Plant Upgrade nears Completion, page-23

Adriano,

You buy back shares if you expect to make a return on them that exceeds the returns you can otherwise make on the money; that including borrowing money to buy back shares, if you can borrow at a rate that is lower than your expected return on the shares. I think it's a sound financial option to consider, which is all the company is suggesting right now. They can decide it doesn't make sense if the sp has appreciated substantially, and shareholders can also vote against it if they don't see value in it. You seem to be against debt, against capital raisings, against negative capital raisings (which is essentially what a share buy back is), against refinancing. In fact you seem to be against anything that at the time serves to present a negative view in things. In business you do what makes most sense at the time, across all timeframe horizons amongst the options you have available to you. And you deal with the outcome. In my view the company is seeking to do this and do it in a way that explores all options it has available to it: including refinancing, deferring payments, issuing shares instead of dividend payments, etc etc. And it has a plan for how to do better if and when the future allows. All of this is to give it the best chance possible to get the plant to where it needs to be as soon as possible. And to provide as much value to share holders as it can. Again, nothing has changed I terms of the need to implement the fixes and get the plant up to best case, we simply now have some good news about the plans to manage finances; now and in the future.