Ann: Net Tangible Asset Backing, page-42

I don't think there is anything to stop the independent directors deciding on larger buybacks etc, though I assume they would require shareholder approval above a certain level. Whether they would want to upset fellow director Braitling's apple cart by doing so is another thing. I question whether Wilson would be that interested. His personal holding is around 0.5% which would be petty cash for him and other Wilson entities do not appear in the top twenty holders as at 30 June. Actually, the largest shareholder only owns 2.5% of the company, and as a nominee this could possibly include both Wilson's and Braitlings (<1%) personal holdings.