sohoisnotforsale I do recall the buy back prior to the Jorc, is...

sohoisnotforsale

I do recall the buy back prior to the Jorc, is lasted from Sept 09 to Sept 10. The highest price paid was $5.71 and the lowest was $1.98.

That raised $52 million dollars in June 2009 at $2.50.

They bought back $11 million dollars worth of stock from the market at an average price of $3.84.

Dundee was the major subscriber to the issue who eventually sold out for an average $5.53.

Azure Capital where once again advisers to the issue.

I fail to see where this is bad capital management. However, I understand your concern that the money is not spent on development as is the "norm".

A stable share register, long term shareholders, limited shares on issue are just as important to shareholder value as holes in the ground.

Cheers