Ansell’s (ANN:ASX) 5 million share on-market buy-back program,...

Ansell’s (ANN:ASX) 5 million share on-market buy-back program, which commenced on 24 April 2008, is being closed as its 12 month term expires on 23 April 2009. During its
life, 800,124 shares were bought back on the ASX, the Company having indicated in August 2008, that it had a preference for accumulating cash for acquisitions over further share buy-backs.

This view has not changed. Ansell continues to believe that attractive acquisition opportunities could become available and that having a strong balance sheet to take advantage of these would be preferable.

However, Ansell also believes that, especially in today’s volatile environment, it would be appropriate for the Company to have the capital management flexibility of having an approved on-market share buy-back program in place.

Ansell is today announcing a new 2.5 million share on-market buy-back program, but is
also re-iterating that the first priority will be to continue to accumulate cash.

Is it one or the other? Seems like a waste of cash to me. Keep it to pay of debt or acquistions.