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

Interesting that even you are finally venting your frustration at the slow buy backs. I think you totally misread the company's intentions. Management never had any intention to buy back all those shares. Whatever they have done so far, has been done just to keep the peasants (i.e. us) and their pitch forks at bay.

By doing this on again off again buy back, they have clearly shown that they don't think the share price is cheap. If they thought otherwise, they would be relentlessly buying back shares at such low prices.

They claim that all their capital expenditures in the previous quarter was a one off. So now with the cash flow supposedly gushing, you would imagine that the share buy back would proceed at a much quicker rate. Forget about that! I think management is doing the bare minimum they can get away with.

Why? Coz they simply don't have any confidence. These are very weak management. They are so unsure of themselves, they keep "hedging" (losing is the more accurate word) their forward sales. If they had not done all that "hedging", the cash thus saved would have been more than enough to buy back all the shares they have done, with no impact on their balance sheet.

Because of their waffling attitude, the market has lost all confidence in them. There are only 1 million shares at the bid at 13 cents...and almost 6 million shares at the offer. That tells you everything about where this company's share price is headed. Towards 7 cents once the dam breaks. Good luck to all of us shareholders! Or maybe...congratulate Talley's on buying even more shares at a throwaway price, as no one seems to want this sucker any more.