Ann: Update - Notification of buy-back - WHC, page-11

To be fair, I think that's over simplistic as well. The outlook has changed materially over the last 6 months, at least in the short term.

I also think this whole Buyback debate has gotten way out of hand.

The simplest way to think about the buyback for me is:

"If you are holding Whitehaven for the next 10 years, would you prefer the company bought back stock, or paid out dividends".

The answer to the above question is really quite simple if you think WHC will continue to generate free cash of 10%+.

Dividends result in tax, buybacks do not. I will also enjoy much larger dividends in the future if more stock is bought back.

You either believe in Thermal Coal and whitehaven over the medium to long term or you dont. Buyback prices only matter in the short run. It's get way too noisy around here for al the wrong reasons.