Ann: Daily share buy-back notice - Appendix 3E , page-8

re: Ann: Daily share buy-back notice - Append... PP, you make a lot of sense and as you say value is a very subjective thing. For what it is worth somewhere between 60 and 70c feels about right imo based on recent profit guidance for 2013 FY. I think if it SP comes back it will hold 60c as the company will happily continue the buy back shares at that level.

For the SP to go higher in a meaningful way they need to hold market share in DA and develop a new growth stream, it was going to be mortgages but GFC killed that, although wholesale markets improving so may still be a future for this business down the track.