share buybacks., page-4

Not totally crazy Cincinnati Red (although not the perfect situation either). I think part of the reason for the capital raising was to expand the shardholder base, continue to generate interest in the company, and keep gearing at a level that would allow another sizeable aquisition should one arise (remember too that AMU stated they did not need the SPP to fund the acquisitions and maintain current drilling levels). All of these were achieved.

SO, while it would be nicer for us if they were buying shares below placement cost to me it more than anything highlights the good value of shares around the $1 mark.

MJS