Ann: Shareholders to vote on Humm Consumer Finance transaction, page-114

Share buyback would be the most obvious “capital management initiative” as it will allow AA to increase his hold by once again using shareholder funds for his personal prestige.

I am not that opposed to a buyback as it will underwrite the price and increase my relative holding down the track with dividend etc, and it is a far safe use of our capital than an acquisition which AA has been spectacularly unsuccessful at give the level of capital destruction he has presided over.

My concern though is that we will have a new management team (current one will go over to LFS) and as AA is alone on the board, we will get a new set of “his” directors.

Would really prefer a bid…either now or after the sale.

Either way, at ~71cps, with a defined plan going forward, looks compelling value, and with the volume on the bid now increasing, topping up seems like a sound use of capital.