One thing that the half year accounts highlights is the pedestrian nature of the buy-back. Only $7.47m spent to 31 December.
The buy-back when announced was for 10% of issued capital or 158m shares. At an average share price of around $0.45, this equates to about $71m for the buy-back. They have spent only about 10% of this in the first half. You must wonder if they are truly serious about the buy-back or whether it was just crumbs scattered around last year to avoid discussions about a dividend.
Ann: Appendix 4D & Half Year Financial Report, page-15
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