let the poison pill rule, page-9

let's forget talk of a buyback. There is no need to waste the cash, so it won't happen.

Plenty of better use for it to develop our assets given how they are shaping up.

Management have always been prudent and conservative with our cash and that is one of EXS's greatest strengths.

They considered on-market buybacks at 15c and they considered buying back IVA in a selective buyback. The conclusion was always not to waste the cash given there was always going to be demand for the stock once results trickled out. That decision has now been vindicated.