marcus padley finds cdu buyback odd, page-23

Hi GiddyUp,

Having been an observer or looker for some time I did purchase a parcel of shares yesterday upon hearing that W.M. was to embark on another buy back. However I must point out that if and when they attain the $3.80 value I am out of here AGAIN. I have no doubt that in time they will make the grade. However I do have a concern or query or two which you or someone else might explain to me.

Why does someone sell shares at $2.00 and then annnounce a buy back when the shares are selling for $3.25 odd. and why is it necessary to have a trading halt each and every time a new discovery is made. Further more when funds are invested and showing an excellent return of approx a million a month why spend so much buying back when the funds could be needed in the near future. We already know that the previous buy back was a disaster, so why repeat the performance.

Seems to me a funny way of going about things but if the buy back can virtually guarantee a no loss situation rather than letting the market decide the price on its merits, who am I to complain.

Best Wishes,

Penny