Ann: Daily share buy-back notice - Appendix 3E, page-10

shouldn’t be less than the interim. My take is as they are not chasing growth and looking to exit they don’t need cash. May as well distribute it.

I will reiterate that I personally hate dividends. If you are on top of the game as a manager you should be able to find growth and subsequent return on equity. If you can’t you are in the wrong job. Worst case scenario reduce debt. You also can’t go broke if you don’t owe anyone anything. Just my view on companies in general. These guys are so conflicted they paid a divi last year then went to market to raise cash. We still can’t work that one out.