Ann: Daily share buy-back notice - Appendix 3E, page-3

I can see the logic....

1. They had no choice in June. They would have been in breach of their covenants with their bank, presumably they would have pulled the plug and CDD would have gone down.

2. 40c seems crazy, but would anyone have touched it with a barge pole without that sort of price. It has worked for me - took up my full entitlement and sold last month at 1.19.

3. Now they are pretty much debt free, generating cash why not buyback? From their point of view they use cash generated to bolster their price so that long term they can exit at a nice profit. With two major investors (Crescent and Invesco) owning 60%, the 10% buyback represents 25% of free float.

I hope I might eventually get out of this dog at a break even, or even (gasp) a profit......