snx-buyback, page-5

I agree the share buy back is a positive.

In being honest, we should all admit that we have become impatient with SNX given they have traded at a discount to NTA and cash backing for so long now. But let's still foucs on the positives....they have survived, in tact, through a VERY lengthy "IT-spend" recession of the last 2 years.

The share price performance has been disappointing but at least they haven't blown the cash willy-nilly and I don't think any of us could have predicted with certainty the length and depth of the downturn in IT spend - particularly so when events like 9/11 happened.

That is all history now, but SNX remains in a strong financial position and so, given the depressing results of so many other share price performances this last 12 months, I don't really want my 90c per share back to go and blow on some other stock. I'm happy for these guys to try and (ultimately) produce fruit with it.

In regards to buy-backs the last one ultimately failed to support the share price and this one is, in some ways, just a different way of returning the capital to shareholders albeit, only to those who choose to retain their shares and not sell.

Ultimately, the choice is ours to make: sell our shares to the company or keep the faith. I still think this company has a big future and am happy to hold at these levels.

Coop