Ann: Announcement of buy-back - Appendix 3C-UOS.AX, page-4

Correct Mars it's very small in terms of potentially enhancing intrinsic value as you say.

I think it's very welcome in terms of giving comfort to shareholders. A small step in the right direction and sign even though management are not spending a lot of time focused on where the share price trades they understand that some other shareholders probably do care. For those that need the cash dividend and may get diluted, maybe they have more confidence to now participate in the drp and when they need the regular cash income then sell a small number of shares. Arguably now with the buyback they have more strength to sell into.

Regarding size of the buyback despite such a small percentage of shares outstanding, it can be viewed as more significant in terms of how lightly the stock can trade. Going by eternal growth's comments on liquidity a while back it looks as though it might represent in the order of 20% of the year's average volume if they did buy back the maximum.

So it could be a catalyst for more share price gains. Although it ran up nicely even before the announcement over the last weeks, "efficient" markets doing their job. But even a few buyers at the close seemed keen today after the buyback news.