right now it actually has more than $1.51 cash per share - more...

right now it actually has more than $1.51 cash per share - more like $1.65 due to cash generated in the half year that is not being paid out as dividend (and is consequently being applied to buyback).

the buyback goes for up to 12 months and is for a maximum of 10% of the company + an additional $50 million.

at $1.00 per share this would be about 33% of total shares on issue.

it is hard to make predictions about where it will trade in the early days of the buyback - but my hunch is that it will trend up to $1.20 - $1.30 over the course of the next few months.

Buying below $1.00 is pretty attractive as the risk is very very low.