Ann: Form 484 - Cancellation of Shares , page-2

So the buyback is complete?

I think the figures go like this -

Original shares on issue - 166 million
Minus shares bought back - 15 million
Current shares on issue - 151 million

A 9% reduction in shares on issue leading to a 10% increase in EPS (not including interest on the buyback loan) for current shareholders.

They paid $38m for the buyback, assuming 8% interest rate that's an additional expense of $3m per year to current shareholders.

If annual profit is $50m the interest will decrease profit by 6% but my share of the profit is 10% higher so it's a small benefit for me.

If annual profit is $100m the interest will decrease profit by 3% but my share of the profit is 10% higher so it's a large benefit for me.

Are my calculations correct? I am quite happy.