Just reviewing the accounts, don't comprehend why you would spend so much cash buying back shares, when you have such high debt, and generate so little cash flow.
Whilst the operating results look ok, the use of amortizing distorts the numbers.
As one fund manger used to continually talk about when valuing stocks the cash flow report never lies, the other ones often do.
Ann: Announcement of buy-back - Appendix 3C, page-2
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