Ann: CSR Limited Announcement of buy-back - Appendix 3C, page-6

Hi sly

I don't think the 40% increase is due to the buyback per se. It is the inherent message that they will have excess cash.
If there is an increase in dividends, it defenitevely will have nothing to do with the buy back. Why do you look at the number of shares outstanding in isolation? What about the cash they are burning, not to mention brokerage fees.
Good advice "if you believe its over valued sell. If you believe undervalued buy." What on earth has that got to do with the buy back?
Management have taken their eyes off what they should be doing. high profit/high dividends. Do that and the share price will take care of itself. Why are they wasting cash that should be invested with a buy back? If they do not have the ability to invest the funds, they should be doing capital returns to all share holders. As it is, with a buy back, they are just rewarding people who want out.

Pear