buy back to 45c, last trade 35c, page-33

a couple of points to note:
(a) the buy back is much better than a special dividend. A special dividend will provide a one time spike for the dividend, but thats it, there is no lasting effect, in fact it could be argued that after the dividend is paid the company is 'weaker' because of the cash foregone.
A buy back reduces the shares on issue, hence has a 'lasting' effect.

(b) the buy back is over 12 months, rarely do companies utilise the whole buy back in a short time frame. Especially on micro caps where the liquidity is low. So for those hoping to get a quick stag profit, you might be disappointed. It will provide a floor under the share price though.

(c) a buy back doesnt have to be just buying shares on the offer. The company can also approach intitutional shareholders and ask them if they are interested in selling any 'blocks' of shares. This will just appear as a quick block sale on the screen.

Personally i am very happy with the move, with the stock trading on such a low PE, the buy back is very effective, ie the 'cost' to the company is low.

There is significant inside ownership of this company which is good.