dividen reinvesment pricing, page-7

Yes you are on the right track - however 2 negative points from all this buying back and issuing new shares;

1. Asset backing falls as most of the time, their capital mgt is buy units at high prices and sell them at low prices. I realise this has been forced on them by hedge fund activities.

2. Management have shown they are good at picking resource stocks (in my opinion anyway). However, all this dealing with shareholders on buybacks, bonus options, hedge fund buyouts must be distracting them mightily from their important focus that should be picking the correct resource plays.

A cornerstone investor or at least someone employed to focus on these issues rather than mgt could be answers longer term.