Ann: Appendix 4E and 2014 Annual Report, page-3

Hi Lost I agree with your sentiment. IMO John Douglas has done a good job at steadying the ship and slowly building up the balance sheet in a difficult market. All we need now is a moderate improvement in margins to get debt in line with annual EBITA (previously indicated by JD as a target) . Given that one day COF will hopefully be a good dividend payer again, I wonder if a share buy back would be in the long term interests of share holders while the SP is sub 40c.

I will think about buying some more.