buy-back and nta improvement., page-5

Also with a share buy back its probably going to result in a lower percentage of smaller share holders holding their slice of the shares on issue as thinking they are the most likely sellers in these tough times, not sure how that will affect the share price
I am not sure if Early included the proportion of the NPAT which would have added to the current assets on the balance sheet and thus improved the NTA and also the company's ability to lend as Portfolioplus alluded to. (I am not an accountant )