share buyback, page-19

"1.8 Advantages and Disadvantages of the Proposed Buy-Back
The Board believes that the buy-back as proposed by Resolution 1 will provide the
following advantages to Shareholders:
(a) participation in the buy-back is optional;
(b) the Company?s current cash reserves are more than sufficient to conduct
the buy-back;
(c) there will be a lesser number of Shares on issue and consequently the
ownership interest in the Company of each Shareholder will increase; and
(d) the Company only intends to buy-back Shares when they are trading at a
discount to the net tangible asset backing per Share. The buy-back will
therefore increase the value of the Shares to remaining Shareholders.
The Board believes the disadvantages to Shareholders of the buy-back include:
(a) a reduction in the number of Shares on issue, which may decrease the
liquidity on the ASX of the Shares; and
(b) a potential reduction in of the Company?s weighting in S&P/ASX indices. "

Liquidity is close to zero if you remove the idg buy back.