Ann: Announcement of buy-back and Appendix 3C, page-13

The company has "missed" its opportunity to buy back shares. And to be absolutely sure this is not a criticism. In my view, absent CV, if Mar quarter was looking ok and the share price was still at 14c then the company may have bought back some shares. With the benefit of hindsight when the world crashed and the shares were at 9c (about Mar 23) this was the perfect time to buy-back shares. But no rational board could have made that decision as the world was falling in and pre-Job Keeper (I think) etc. All available cash was needed "just in case" - not the time to spend cash on buying back shares.

Now the shares are trading above 15c, family stress is up, more divorce opportunities etc I suspect that they won't have a buy back. Discount to float price is too small.

All IMH, NFA, DYOR etc.

Wishing we were back to "normal"...…..

Regards,

BSP