Ann: Annual Report 2011 , page-4

Hi E1. If I were cynical I'd say the large holders, with director influence, are maximizing the long term value of their holdings. Cut the div & the SP will slump from disgruntled income holders exiting - mop those holdings up at say 80c in the buyback.

You can view it as the company effectively buying development lots at 45% of their MV (80c/$1.78). Difficult to find a better property investment than that for them, and great for the asset backing and future per share profitability for remaining holders.

Its a nice long term outcome for those who might appreciate whats going on. Expecting a buyback notice tomorrow.