Ann: Appendix 4D and Half Year Financial Report, page-161

Thank you for your compliment, just trying like most posters to give a different insight on a stock, trying to move away from group think, everyone has an opinion and information to share, also replying to MirCat regarding the concerns of buy backs. I agree with you that buy backs can be a waste of money, a lot of money if done badly. The major banks have been doing buy backs regularly, eg CBA now, ANZ did one last year then had the hide to ask for money via a share raising at a higher price later, yes I agree this sort of action is dumb and dumber. Buy backs done we can be transformational, look at Qantas, $2.5 Billion of BB certainly changed the share price. I hope the buy backs for WHC will improve the share price long term, even at $10.00 I think WHC is undervalued. BB are for ever, if 10% of WHC shares are brought and cancelled never to be seen again, the shareholders receive a potential boost of 10% in value of their shares.
I agree that there are going to be lots of opportunities as BHP and RIO leave the coal space but I would rather have management with just enough money rather than too much. As a holder of Zinifex back in 2007, I lost a heap when the new management Oxiana merged with Zinifex formed OZ Minerals. The idiots brought a nickel mine for 1 Billion dollars, all the money the company had, just as the GFC started, then closed it 6 months later, destroying shareholder value for 12 years. Management with too much spare cash are a wealth hazard like RIO spending 3 Billion on a coal mine in Mozambique that was a dud, I am still waiting for management to go to jail for that fraud.
I love dividends as much as anyone but I intend to be a long term holder of WHC, like 30 years and am prepared to wait and let management do what it thinks best at this stage.

Good Luck to all holders

Cheers Wang44