Ann: Bathurst Chairman's Address, page-9

One thing they explained if you attended was that there is an established set of principles agreed with its broker that seek to ensure that the buyback does not distort the market price for shares. So you would have been assuaged on one of your points of contention. The others I will get to in due course but nearly all the points you raised in another post were answered. 

As to the hedging, I spoke with Richard Tacon. Initially they did have it in the presentation but later decided to take it out. But he confirmed to me what Viney said (20-25% of production to a maximum of 12 months out). He said they were happy to be out of the money on their hedges as that means on the majority they make more. Also during the presentation said the curve was looking good and the next 12 months at this stage look good. They also hedge the FX once they have the amount of a sale of coal confirmed. (ie lock in the price here and now)