a new beginning, page-11

A share buyback is normally done when the NPV of the shares are greater than the current sp.

Based on my model of PH, currently that is the case.

Remember, a share buyback is the absolute best way for a company to buy an asset. Why? Because there is no risk, and no t/over premium.

The company should learn from it's mistake and so be very prudent with it's cash. Keep enough in the bank for a provisional pricing hit.

If OZL "sticks to it's knitting", it can be like BHP, have the cash in the bank and take opportunities as they arise. (but obviously on a smaller scale).

HT1