Ann: Quarterly Activities and Cashflows Report, page-4

Good question Eshmun.

I also wonder why there has not been any share buy backs since the program was announced several months ago? I can see the logic in a share buyback over a dividend at current share prices, but they don't seem to be following through on this capital management initiative. If they are not going to proceed with the share buyback, then I would like to be paid a dividend out of their very adequate reserves. Unless there is a good reason that us small shareholders are not aware of. I am prepared to wait a while longer due to the compelling value here, but I do find the communication of capital management plans and strategy to be inadequate.