Ann: Notification of buy-back - TLS, page-8

Are u referring to the share purchase plan? There other options that board iscould having cash to more shares.

Beside getting a dividend they could’ve been paid u distribution which u could ha’d purchased more shares on the market.
The only thing with such a payment is that u would’ve had to reduce the cost base on ur previous purchased shares….
the institution and traders hate this form of return of capital because for them it is treated as income and forces them to pay income tax instead of capital gains.
This form of return was common practice about 3 decades ago.

The next options for the board was to do what SUN has done….pay dividends and a RC distribution giving u the cash to purchase more share on the market. The difference from the above is the consolidation of shares - the aim of buybacks - u loss a number of shares but don’t have to change the cost base.

In both examples u still retain the same percentage of ownership …institutions also hate this type of return because it removes the fiddle factor to reduce tax liability.

It time for retail shareholders to revolt against this catering for the boards mates.

The board argues to the taxman that buyback are a fair system because everyone has a right to participate!