ppn share buyback

Does anybody have any thoughts on what is happening with the PPN share buyback?

We are 3 months into the 12 month buyback period, 15 September 2008 to 14 September 2009, and PPN hasn't bought back a single share.

On 29 August 2008, the PPN Board of Directors announced that it had resolved to put in place a share buy-back facility for the period 15 September 2008 to 14 September 2009

The PPN 3C Notice dated 29 August 2008 says:

BUY BACK UP TO 3.45 MILLION SHARES FOR A TWELVE MONTH PERIOD COMMENCING 15 SEPTEMBER 2008 TO 14 SEPTEMBER 2009

THE COMPANY HAS AGAIN TRADED AT A PROFIT FOR THE YEAR TO 30 JUNE 2008 WITH CONTINUED STRONG EARNINGS FROM BUSINESS OPERATIONS, PROPERTY AND INVESTMENTS.

THE NET TANGIBLE ASSET BACKING OF THE COMPANY'S ORDINARY SHARES CONTINUES TO BE INEXCESS OF MARKET VALUES.

IN ADDITION, AT THE CURRENT LOW MARKET PRICES A MAJORITY OF THE COMPANY'S MEMBERS ARE DEEMED TO HOLD LESS THAN A MARKETABLE PARCEL OF ORDINARY SHARES AND, AS SUCH, THEY ARE NOT ABLE TO ECONOMICALLY TRADE THEIR SECURITIES.

IN VIEW OF THE ABOVE, THE BOARD OF DIRECTORS REGARDS THE CURRENT MARKET PRICES FOR THE COMPANY'S SHARES AS NOT REFLECTIVE OF THE INTRINSIC WORTH OF THE COMPANY.

ACCORDINGLY, THE BOARD OF DIRECTORS CONSIDERS THAT IT IS IN THE INTEREST OF THE MEMBERS OF THE COMPANY AT THIS
TIME TO HAVE IN PLACE AN ON-MARKET BUYBACK OF ORDINARY SHARES FACILITY.

IN ADDITION, THE PLAN WILL ALLOW MEMBERS WITH LESS THAN A MARKETABLE PARCEL TO DISPOSE OF THEIR SHARES,SHOULD THEY SO WISH, WITHOUT THE IMPOSTE OF TRANSACTION COSTS.

REFER TO THE APPENDIX 4E FOR THE FINANCIAL YEAR ENDED 30 JUNE 2008 AS NOW RELEASED TO THE MARKET AND THE ANNOUNCEMENT ON 29 AUGUST 2008 SHOWING THE COMPANY AS EARNING A NET AFTER TAX PROFIT OF A$460,967 (2007:$237,525) AND WITH NET ASSETS OF A$9,738,477 (2007: $9,277,510)