This is Ashley Zumwalt, page-2

That buyback idea won't achieve anything except squander our precious cash reserves. Buybacks generally only work for profit-making enterprises who wish to re-invest directly back into the company with funds that are thrown off from operational profits. We don't fall into that category.

To put some real numbers behind it, a $20m buyback @ (say) 5c buys back 400m shares, which would reduce the total shares issued from 2,643m shares down to 2,243m shares. All other things remaining unchanged BMM's (523m) shareholding would increase to 23.3% (up from current 19.8%) and AF's (473m) shareholding would increase to 21.1% (up from current 17.9%). Apart from my first point, above, and also given that the large rights issue (@5c) only happened 10 minutes ago, that would be a pointless exercise. If anything, if would actually strengthen BMM's position, as it would act to slightly increase the gap between their percentage shareholding compared to AF's. Hardly a suitable defensive move!

Let's just hope that AF isn't willing to bail above 6.8c (his WVAC). I just hope that: a) AF doesn't reconsider his reasons for holding; or b) the two of them don't put their heads together to take POS private and roll it into a JV holding shell.

Meanwhile:

Did anyone else notice who's fingerprints were on the "Against" votes for the failed Resolution 8 (i.e. approval of additional 10% share placement capacity)?

Hint: BMM. They abstained for most of the other Resolutions too, except for ratifying the two new directors. (BMM and Squadron both had to abstain/exclude from Resolutions 6 and 6(a)... and that's where we sample the fingerprints from and conclude that it was BMM behind the Res 8 failure).

I'd say BMM want to keep a leash on the pre-approvals for any more placement capacity over and above the normal 15%. If management needs to tap more than 15% within the next 12 months (unlikely, but you never know), then they'll have to call a special meeting to do obtain approval.

For giggles, I'm going to call a turn/bottom in the int'l NP for (say) 5-7 Dec (give or take a coupla trading days).

PS. MC, did you go to the AGM? Would appreciate any insights you can share.