change in buyback tactics, page-25

Timely1,

Sorry to hear that you find it disturbing. I just wanted to ask him for his opinion regarding the way he is going about the buyback. I think what TS meant by the 3% was that during the time period between the initial announcement back on October 7th and 3 months later to January 7th, only 3% had been purchased. I think he had expected the buyback to have proceeded quicker than that in the 3 month time frame and hence that is why he has picked up the pace.

When I first read "the market is going to value us higher so we don?t want to pay too much in 3 months time" I was under the impression that; TS believes that the longer he lets the buyback drag on for, the more likely CFE will have to pay more. Draw whatever conclusion you want from this but I take this as meaning the Marampa trade sale or IPO spin-off will occur imminently within a 3 month time frame, after which the market will value us higher. TS does not want to be in a position where the Marampa sale occurs whilst still having 10 million shares to buy back. That is the only logical reason I can come to as to why the buyback has picked up speed recently - TS knows Marampa sale is soon but not exactly sure when and he would like to buy as many shares back as possible before the sale occurs.

What I have posted is all I have received so your guess is as good as mine. He is definitely open to responding to shareholder's questions.