buy back to 45c, last trade 35c, page-19

TTC,

I just think that the buyback isnt the best idea. I dont think the share price is going to slide any further, but why would it go up, because it has a floor? They're only buying back 10% of the register, not 25%+. Would shareholders rather have a share buyback or a special dividend? Would they rather have had better liquidity by splitting it up and bringing more shareholders in?

I'm just throwing these thoughts out there, but a company with a P/E of 4, paying a solid yield, with a good pipeline of work, banging around 32c just doesnt make sense or does it?

If you raise money then dont do anything with it, does that mean management have run out of ideas? or does it mean they are being conservative?

But if it makes people feel better, I can write something that everyone wants to hear and then we can all say, "why isnt it going up, we've got a share buyback going on"

Pep