Ann: Announcement of buy-back - Appendix 3C , page-5

Mike, I bought the morning they announced the buyback at $1.19 which coincidently was two days before the record date for the 5.5 cent divi. Was looking to enter and the buyback gave me confidence that a floor had been set. At least in announcing a buyback, it would appear they've decided to forget about any further acquisitions. Okn is a cyclical stock and in my opinion it is now at the bottom of its cycle. With no debt, a fantastic yield, and plenty of upside in the shareprice, I'm very happy to be in. Currently worth around $2 in an ordinary year and with a good year behind it $3.