No news yet on the results / valuation front. Wonder whether the...

No news yet on the results / valuation front. Wonder whether the actuaries are trying to work out whether they go the conservative route on claims provisioning?!

Buyback hit twice now. Appears that 30/31 is the band (trades reported 30.5, 31.0, 30.0). Sounds to me like they are actually defending a market cap of $70mm (which makes sense when you look at the net capital funds less intangibles). Definately worth a flutter around these levels - CIX will probably defend this level for the remaining 3-point-something million shares on the buyback notice (which equates to a fair few days and weeks of support, given the slowness of trade lately). Doubt they will change the buyback either before or after the 2008 results; so unless a major shareholder bails I think 30 will hold it for the next month or so. Pretty good punt (downside limited to around 3%) given the all the possibilities [think of it like buying a call option with a floor of 30 cents, and no cap].

Might have a flutter...


Kit