Ann: Dividend/Distribution - GRR, page-238

A higher share price and happier shareholders would in fact increase their financing options.

You might not have noticed but the shareprice is up over 100% in the last 12 months and there are plenty of happy shareholders, some are a bit grumpy because of a smaller than expected dividend and others because they bought in the 80's but they dont represent all shareholders.

Apart from the fact that a buyback won't happen because of a large individual holding , why would you spend required cash on a buyback on a overall rising shareprice, its usually done to support a falling one...the volatility of IO and markets in general make any percieved benefits to shareholders of a buy back an exercise in throwing darts..

There is enough upgrading and expansion work to take care of any cash we have and plenty more after allowing for a cash buffer.

Cheers Whisky