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

re: Ann: Daily share buy-back notice - Append... I don't understand either.

Market cap $433m
Cash position $230m
NAV of $2.50 per share
Debt under control
Dividend of 14c per share (10%+)guidance confirmed
Up to 10% share buyback on market

And steadily downhill for the last six months.

I bought for long term growth and steady income but this trend is getting a bit tedious. Is it just the European and US exposure that is sending it south?

Anyone out there know what's happening?