Ann: UPDATE ON SHARE BUYBACK ANNOUNCED DECEMBER 2019, page-8

buying today would have been a value trap for the world of hurt coming tomorrow. 10% won't stop the drop, FMG i think went in with $500m & were 100% serious. When executed, it was around Oct a few years ago, and they dived in hard & fast for about 1-3 month, then the SP kept rising without any further buying. Now they keep extending the buy back year on year with a $500m bucket. My view is buy backs are the only way to head off shorters since the government is anemic on the topic & i see also see it as insurance. FMG haven't spent a penny over the last 12 months & the SP is going ok as compared to others. Anyway, i'll keep on eye out for any surprizes. Hope it turns green tomorrow or at the very least maintain SP for CIM holders.