From the announcement it's "up to 10%" meaning it may not...

From the announcement it's "up to 10%" meaning it may not buy-back that amount.

All the negative selling has been a great buying opportunity, I topped up at 90c.

Read the statement released, 100% of income fully hedged for the next 4-6 years.

So the gyrations in the $A are not an issue, so long as in 4-6 years time they have dropped back into the 70c range to USD.

Sharemarkets offer no guarantees but a 4-6 year income stream guarantee is pretty darn good.

If 10% of RAT is bought back, currently has a market cap of $381M so that's $38.1M bought back or at a trading price of 93c, represents about 40 million shares.