Ann: Appendix 3E - Daily Share Buy-back Notice , page-11

re: Ann: Appendix 3E - Daily Share Buy-back N... What a 'non-cents' post!!!

Why?

It is in the numbers.

AZZ has about 300 million shares outstanding.

At 41 cents the value of the shares is $123 million. By buying backshares the buyback is suppsed to increase the value of ALL shares as well as the underlying value of the remaining shares.

AZZ has bought back about 4 million shares or so.

The market cap of the company is now $115 million or a fall of $8 million. The company has spent about $1.6 million which has resulted in a fall in total market value of the company.

The holding shareholders have LOST value by holding.

And as we don'tknow how much cash AZZ actually rec'd from the sale (!!!) we can only guess how much the NET ASSET VALUE of the remaining shares has increased.

A guess using A$150 million would mean that before the buyback there was 50 cents per share cash backing. After spening $1.6 million on the buyback and the number of share outstanding reduced by 4 million would result in an increase to .5013 cents per share cash.

So to lose that much value per share in the market and only get that small increase in possible NET ASSET value increase is a farce.

So far the buyback has failed.