Ann: On-Market Share Buy-Back, page-15

Hi MFC500

I agree, especially when in the accompanying report it states that the 5% buy back demonstrates the confidence the BoD has in the company.

I would have liked to have seen the BoD demonstrate a little more confidence.

Several years ago when GRR was sitting on a mountain of cash the BoD declared a pathetic 2 cent dividend which resulted in a fall in the SP. It was not until the BoD had a rethink and declared a 10 cent divvy that the SP took off.

10% buyback would have put a rocket under the SP, but 5% is the bare minimum the BoD could have gotten away with and is not going to have much impact on the SP.

Disappointing also is the fact that there is no fresh news on where the funds will be invested.

We need better than crumbs. and we need to be kept updated on the progress of where funds may be invested.