buyback - sending a message early, page-25

Hi Berretta,

Whilst it's true that the opportunity cost of a SBB is the returns an investor could have made by investing the money themselves, it's also true that CFE has many projects up for sale in the very short term. A sale on either Mayoko, Marampa, Sappes or Pinnacle would see the SP rocket and the chance that at least one is sold soon is extremely high. You'd have to be getting a pretty explosive return on your money to compete with the advantages of the SBB.

Let's run an ongoing hypothetical experiment in which the dividend of .043cps is paid or the SBB takes place. You nominate a stock you would have invested in and we can compare to the returns CFE realises over the next few months. Sound fair?

Peter