Yes KM, I was encouraged by the ITSA Ann too.Firstly, the...

Yes KM, I was encouraged by the ITSA Ann too.

Firstly, the healthy increase in the DA numbers, and secondly, the continuing trend towards a "DA solution" as compared to other alternative solutions. Overall activity was flat.

It proves that we have the largest share of a growing industry niche. I will be very keen to see whether we have maintained our market share percentage as I have noticed much greater marketing activity by others of late (including a few I've never heard of).

As to the buy back, upon reflection, I'm comfortable for this to continue but only for under adjusted NTA...which I figure will be around 43.5c at Dec and 47c next June.

But the key is the dividend. I'd like to see an interim of 1 c and a final of 2 c on FY 13 results. But this conflicts with the companies buy back plans in two ways: it encourages others to buy and possibly bid up the price and the divvy uses up cash that would otherwise be used to buy back.