buy back to 45c, last trade 35c, page-11

If they are trying to increase the share price, they have made a mistake using a buyback. It may stabilise the share price, nothing more.

We have LIC's in this market that trade at discounts of 30% paying yields above 7% fully franked. They have all tried to narrow the gap with buybacks, none have worked. ie. CCQ, CTN, LRF, VTP, WIC, OZG. etc. etc.

The building and construction game in perth is different compared to other capital cities. It's fickle, heaps of cowboy contractors and you have one of the most militant unions running the show. Don't get me wrong, I dont think DGX is a bad outfit, Nick Di Latte doesnt inspire me, but they do have some slick next level management. But I think some of the insto's are scared off by one-trick ponies in a dodgy paddock.

In regards to increasing the share price, I think buying out another builder / developer or even moving into some smaller projects like 20 unit sites would have been a better option. A special dividend would also be favourable, but unfortunately this buyback will do nothing.

Pep