Ann: Final share buy-back notice - Appendix 3F , page-2

re: Ann: Final share buy-back notice - Append... So, we bought back 13,536,657 shares for $4,687,944...an average of 34.63 cents.

This compares pretty well with the stated NTA at June 30 of 37.8 cents and my estimate of the December 31 2012 NTA figure of say, 43 cents. Sure this is not an exact like for like comparison because of the canabalising effect of reduced shares leading to a higher NTA of its own accord, but its pretty close.

So, hats off to FSA management on Buy-Back Phase One. I'll readily admit I didn't think they would get anywhere near the volume to buy back and now their next party trick is to repeat the process. The AGM confirmed the Buy-Back Phase Two for an additional 12m shares over the next year or so.

Only this time it will be much harder and they will have to chase the SP up the line. Fewer shares, a more entrenched shareholder base, plus possible interest from a new band of shareholders who are encouraged by the continued dividend policy means scarcity; and hence a higher price will be required to shake the coconuts from the tree.

What this means for us is that the dark old days of below 30 cents, maybe 35 cents, are gone. I'm thinking 40c is the new "line in the sand"....time will tell.