buyback today?, page-54

I think you will find that buyback mark one ( post GFC ) bought shares at an average price of $1.90 and they were resold as part as the $52m $2.50 capital raising handled by Azure.

The second buyback did in fact lose money ( post JORC ) because of the " Gift " placement to M & G at $2 - at that point we didn't have a cornerstone investor and the share price was being trashed by broker downgrades ( Fosters being the most note worthy of them )

I think you will also find that Dundee got involved in the first placement a number of years back at $3.20 and they subsequently sold out in the $6 / $6.50 region pre JORC. At the time they were in financial doo doo and were liquidating a number of positions not just CDU.

With the benefit of hindsight their luck was in getting out when they did.

The current buyback looks a no brainer now O.W have a director on the board ! surely he is sanctioning the current buyback as they have already agreed to provide additional funding and also signaled a desire to increase their holding to 30% .

Cheers Hoot