Oakcliff - that's a very good question and deserves a good...

Oakcliff - that's a very good question and deserves a good answer. If you look at Thorney's buy + sells last year above $2.65 to $3.20 he was a seller. They recently bought a bunch between $2.50 and $2.60 supporting the stock price along with the buy back supporting the price. The stategy is to average down the entry price of thier holdings. From July it was around $2.55 (purchases made from July 2010 ) but with thier recent purchases at $2.20 and $2.02 looks like it around $2.25
It also assisted in the SP finding a base after the brutal sell down. Without the big boy's moving in and supporting the stock it could have fallen a lot further. It's likely they will continue to soak up stock from $1.80 to $2.00 but the problem is CUS needs a new batch of smaller investors to come in and support the stock for the price to increaseabove $2. In the current political environment I can't see that happening for a long time, given the odds Labor will form government. I'd be doing your numbers on a PE of 10 now and I think that's being generous given the political and challenging business environment facing CUS. Having said that CUS is a great managed business under the leadership of Tim Wildash and when the dust settles, a number of ATM deployer's go broke I may be back on the register.