buyback looking like more of a failure, page-18

I don't think it is fair to ask TS to apologise for the buyback:

1) We don't know what was going on behind the scenes and no one could have said how things were going to turn out back then. Easy to say with hindsight that CFE paid too much.

2)If he apologised then this is tantamount to an admission that CFE is not worth at least 400m. Pretty hard for TS to keep a straight face and tell TS that Marampa is worth at least 500m if he has apologised for buying back at prices substantially below that.