buyback is ramping up, page-7

Totally agree MRSA...why would Stokes want to privatise when he already runs the place like a dictator and has a reasonably compliant board.

SEV is his plaything and as a SEVPC holder I would reallylike to know his position as regards SEVPC holders who he must just see as lenders of funds and an irritant to his future plans.

Will he pay out or convert or roll-over come 2010?

A roll-over might represent expensive money at about 4.75% over BBSW...then again a conversion will dilute his shares.

No, if I was a SEV director I would be using the current excess cash to get the SEVPC monkey off the SEV back.

Besides using the cash to re-purchase gives an automatic return of about 7.5% and a built in capital gain of around 17%.

I cannot see SEV coming up with a better business play than this in this market.