return our cash!!!, page-33

I'm not overly fussed over a discount - at the end of the day it comes down to what return will they make from the NTA. In the longer term share price will fluctuate, but might average a certain smaller discount.

My belief is that they should have a policy that they purchase shares when that have a buyback that operates when shares are trading over 15% discount to NTA, with it being progressively more agressive as the discount gets higher. This provides (a) liquidity, and (b) net positive for remaining shareholders.

Big issue there, however, is raises real question of why have a SPP at 87 cents when you will be buying back some of them at 95 cents or more.

MJS