aazpb buy back, page-5

The gearing pressure and advantage of AAZPB counting as equity not liability on the balance sheet is exactly why I thought buy back was a few years away. Especially after the shareholders were asked to dilute with another issue so recently to reduce balance sheet gearing it almost seems rude now to gear up again for an AAZPB buy back .

Still what is done is done, so if the new CFO has convinced the board that replacing AAZPB with cheaper financing makes sense then why keep a poor structure in place out of guilt? Still, it is early days and perhaps the reason the shares haven't vaulted into the 90's is that the plan has been outlined but no date yet set. Could still be a year or two away but that suits me fine, with 11% divi's while I'm waiting for a 18% cap gain where is the downside? Two year buy-back equals 20% pa yield, almost no risk.

cheers