Ann: Half Yearly Report and Accounts, Dividend, Buyback, page-10

Hi Zalenhardy , you could be right.

It may also be that this is the wrong point in the cycle for Matrix to even contemplate it.

Maybe the capital management initiatives suggest that Matrix is going to ride it out, for the long term benefit of remaining shareholders. If they can win what business is around from their competitors, all to the good.

Short term, unfortunately the market is saying that there's no share price upside. I believe analysts have been downgrading 2016 forecasts based on the uncertain outlook.