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New Buy Back Oct 2019

lse:sle

#21

The buy back is turning out to be a financially futile exercise if it’s objective was to strengthening the share price - yes yes I realise it does reduce dividend payout if and when they are made etc - all we can see at this time is that the cash balance in the company is being reduced but one has to ask for what reason - could it be OF is giving “some” holders, whoever they maybe, the opportunity to cash in some of their holdings even at a substantial loss without the sales completely crashing the share price, now why would he do that?


#22

As I said right at the beginning if it isn’t aggressive, I.e. buying more in value when the price drops - and in that case there should have been bigger buys right at the start, then it probably would be worse than ineffective. My only hope is that there are few shares that people are willing to sell at such a low price and they are slowly being taken up, then the price should start to rise again.

It does reduce shares so the dividend, when declared, goes further but the dividend pool amount will be $2m less, so that really is futile.

Very difficult to know what they are hoping to achieve with such a sedate, predictable buyback. To keep the price higher for a while to stop shareholder’s protesting? Seems doubtful, they’ve never really been concerned about that previously.


#23

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 @26.46p £25,250 $32,572
21 Oct . 29,000 @27.91p .£8,174 $43,199
22 Oct. 89,285 @28.00p £25,250 $75,771
23 Oct. 89,285 @28.00p £25,250 $108,283
24 Oct. 88,192 @28.35p £25,252 $‭140,859
25 Oct. --------- @-------- £--------- $140,859
28 Oct. 87,719 @28.50p £25,250 $173,178
29 Oct. 87,719 @28.50p £25,250 $205,750 10% completed
30 Oct. 87,719 @28.50p £25,250 $‭238,322
31 Oct. 87,719 @28.50p £25,250 $270,895
01 Nov. 88,967 @28.10p £25,250 $303,467
04 Nov. 89,285 @28.00p £25,250 $336,040
05 Nov. 92,165 @27.125p £25,250 £368,612

Dreadful. After a steep rise in the oil price too.

Total number of Ordinary Shares in issue with voting rights now 454,610,590

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#24

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 @26.46p £25,250 $32,572
21 Oct . 29,000 @27.91p .£8,174 $43,199
22 Oct. 89,285 @28.00p £25,250 $75,771
23 Oct. 89,285 @28.00p £25,250 $108,283
24 Oct. 88,192 @28.35p £25,252 $‭140,859
25 Oct. --------- @-------- £--------- $140,859
28 Oct. 87,719 @28.50p £25,250 $173,178
29 Oct. 87,719 @28.50p £25,250 $205,750 10% completed
30 Oct. 87,719 @28.50p £25,250 $‭238,322
31 Oct. 87,719 @28.50p £25,250 $270,895
01 Nov. 88,967 @28.10p £25,250 $303,467
04 Nov. 89,285 @28.00p £25,250 $336,040
05 Nov. 92,165 @27.125p £25,250 $368,612
06 Nov. 92,592 @27.00p £25,250 $401,184 20% Completed

20% of the buyback clearly hasn’t got rid of all sellers at this level. Just about back to where we started now. Why not spend some extra at these prices??

Total number of Ordinary Shares in issue with voting rights now 454,517,998

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#25

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 @26.46p £25,250 $32,572
21 Oct . 29,000 @27.91p .£8,174 $43,199
22 Oct. 89,285 @28.00p £25,250 $75,771
23 Oct. 89,285 @28.00p £25,250 $108,283
24 Oct. 88,192 @28.35p £25,252 $‭140,859
25 Oct. --------- @-------- £--------- $140,859
28 Oct. 87,719 @28.50p £25,250 $173,178
29 Oct. 87,719 @28.50p £25,250 $205,750 10% completed
30 Oct. 87,719 @28.50p £25,250 $‭238,322
31 Oct. 87,719 @28.50p £25,250 $270,895
01 Nov. 88,967 @28.10p £25,250 $303,467
04 Nov. 89,285 @28.00p £25,250 $336,040
05 Nov. 92,165 @27.125p £25,250 $368,612
06 Nov. 92,592 @27.00p £25,250 $401,184 20% Completed
07 Nov. 90,909 @27.50p £25,250 $433,504

Total number of Ordinary Shares in issue with voting rights now 454,427,089

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#26

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 @26.46p £25,250 $32,572
21 Oct . 29,000 @27.91p .£8,174 $43,199
22 Oct. 89,285 @28.00p £25,250 $75,771
23 Oct. 89,285 @28.00p £25,250 $108,283
24 Oct. 88,192 @28.35p £25,252 $‭140,859
25 Oct. --------- @-------- £--------- $140,859
28 Oct. 87,719 @28.50p £25,250 $173,178
29 Oct. 87,719 @28.50p £25,250 $205,750 10% completed
30 Oct. 87,719 @28.50p £25,250 $‭238,322
31 Oct. 87,719 @28.50p £25,250 $270,895
01 Nov. 88,967 @28.10p £25,250 $303,467
04 Nov. 89,285 @28.00p £25,250 $336,040
05 Nov. 92,165 @27.125p £25,250 $368,612
06 Nov. 92,592 @27.00p £25,250 $401,184 20% Completed
07 Nov. 90,909 @27.50p £25,250 $433,504
08. Nov. 91,274 @27.39p £25,250 $‭465,824‬ **

** To be confirmed in Monday’s 7am RNS

Total number of Ordinary Shares in issue with voting rights now 454,335,815

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#27

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 @26.46p £25,250 $32,572
21 Oct . 29,000 @27.91p .£8,174 $43,199
22 Oct. 89,285 @28.00p £25,250 $75,771
23 Oct. 89,285 @28.00p £25,250 $108,283
24 Oct. 88,192 @28.35p £25,252 $‭140,859
25 Oct. --------- @-------- £--------- $140,859
28 Oct. 87,719 @28.50p £25,250 $173,178
29 Oct. 87,719 @28.50p £25,250 $205,750 10% completed
30 Oct. 87,719 @28.50p £25,250 $‭238,322
31 Oct. 87,719 @28.50p £25,250 $270,895
01 Nov. 88,967 @28.10p £25,250 $303,467
04 Nov. 89,285 @28.00p £25,250 $336,040
05 Nov. 92,165 @27.125p £25,250 $368,612
06 Nov. 92,592 @27.00p £25,250 $401,184 20% Completed
07 Nov. 90,909 @27.50p £25,250 $433,504
08. Nov. 91,274 @27.39p £25,250 $‭465,824
11. Nov. 91,274 @27.39p £25,250 $‭498,144 25% Completed

Total number of Ordinary Shares in issue with voting rights now 454,244,541

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#28

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 @26.46p £25,250 $32,572
21 Oct . 29,000 @27.91p .£8,174 $43,199
22 Oct. 89,285 @28.00p £25,250 $75,771
23 Oct. 89,285 @28.00p £25,250 $108,283
24 Oct. 88,192 @28.35p £25,252 $‭140,859
25 Oct. --------- @-------- £--------- $140,859
28 Oct. 87,719 @28.50p £25,250 $173,178
29 Oct. 87,719 @28.50p £25,250 $205,750 10% completed
30 Oct. 87,719 @28.50p £25,250 $‭238,322
31 Oct. 87,719 @28.50p £25,250 $270,895
01 Nov. 88,967 @28.10p £25,250 $303,467
04 Nov. 89,285 @28.00p £25,250 $336,040
05 Nov. 92,165 @27.125p £25,250 $368,612
06 Nov. 92,592 @27.00p £25,250 $401,184 20% Completed
07 Nov. 90,909 @27.50p £25,250 $433,504
08. Nov. 91,274 @27.39p £25,250 $‭465,824
11. Nov. 91,274 @27.39p £25,250 $‭498,144 25% Completed
12. Nov. 91,274 @27.39p £25,250 $530,464

Total number of Ordinary Shares in issue with voting rights now 454,153,267

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#29

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 -26.46p £25,250 $32,572
21 Oct . 29,000 -27.91p .£8,174 $43,199
22 Oct. 89,285 -28.00p £25,250 $75,771
23 Oct. 89,285 -28.00p £25,250 $108,283
24 Oct. 88,192 -28.35p £25,252 $‭140,859
25 Oct. --------- --------- £--------- $140,859
28 Oct. 87,719 -28.50p £25,250 $173,178
29 Oct. 87,719 -28.50p £25,250 $205,750 10% completed
30 Oct. 87,719 -28.50p £25,250 $‭238,322
31 Oct. 87,719 -28.50p £25,250 $270,895
01 Nov. 88,967 -28.10p £25,250 $303,467
04 Nov. 89,285 -28.00p £25,250 $336,040
05 Nov. 92,165 -27.125p £25,250 $368,612
06 Nov. 92,592 -27.00p £25,250 $401,184 20% Completed
07 Nov. 90,909 -27.50p £25,250 $433,504
08. Nov. 91,274 -27.39p £25,250 $‭465,824
11. Nov. 91,274 -27.39p £25,250 $‭498,144 25% Completed
12. Nov. 91,274 -27.39p £25,250 $530,464
13. Nov. 91,575, @27.30p £25,250 $‭562,784‬

Total number of Ordinary Shares in issue with voting rights now 454,061,692

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#30

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 -26.46p £25,250 $32,572
21 Oct . 29,000 -27.91p .£8,174 $43,199
22 Oct. 89,285 -28.00p £25,250 $75,771
23 Oct. 89,285 -28.00p £25,250 $108,283
24 Oct. 88,192 -28.35p £25,252 $‭140,859
25 Oct. --------- --------- £--------- $140,859
28 Oct. 87,719 -28.50p £25,250 $173,178
29 Oct. 87,719 -28.50p £25,250 $205,750 10% completed
30 Oct. 87,719 -28.50p £25,250 $‭238,322
31 Oct. 87,719 -28.50p £25,250 $270,895
01 Nov. 88,967 -28.10p £25,250 $303,467
04 Nov. 89,285 -28.00p £25,250 $336,040
05 Nov. 92,165 -27.125p £25,250 $368,612
06 Nov. 92,592 -27.00p £25,250 $401,184 20% Completed
07 Nov. 90,909 -27.50p £25,250 $433,504
08. Nov. 91,274 -27.39p £25,250 $‭465,824
11. Nov. 91,274 -27.39p £25,250 $‭498,144 25% Completed
12. Nov. 91,274 -27.39p £25,250 $530,464
13. Nov. 91,575, @27.30p £25,250 $‭562,784
14. Nov. 93,283 @26.30p £25,250 $595,104 30% completed

Total number of Ordinary Shares in issue with voting rights now 4‭53,968,409‬

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#31

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 -26.46p £25,250 $32,572
21 Oct . 29,000 -27.91p .£8,174 $43,199
22 Oct. 89,285 -28.00p £25,250 $75,771
23 Oct. 89,285 -28.00p £25,250 $108,283
24 Oct. 88,192 -28.35p £25,252 $‭140,859
25 Oct. --------- --------- £--------- $140,859
28 Oct. 87,719 -28.50p £25,250 $173,178
29 Oct. 87,719 -28.50p £25,250 $205,750 10% completed
30 Oct. 87,719 -28.50p £25,250 $‭238,322
31 Oct. 87,719 -28.50p £25,250 $270,895
01 Nov. 88,967 -28.10p £25,250 $303,467
04 Nov. 89,285 -28.00p £25,250 $336,040
05 Nov. 92,165 -27.125p £25,250 $368,612
06 Nov. 92,592 -27.00p £25,250 $401,184 20% Completed
07 Nov. 90,909 -27.50p £25,250 $433,504
08. Nov. 91,274 -27.39p £25,250 $‭465,824
11. Nov. 91,274 -27.39p £25,250 $‭498,144 25% Completed
12. Nov. 91,274 -27.39p £25,250 $530,464
13. Nov. 91,575, @27.30p £25,250 $‭562,784
14. Nov. 93,283 @26.30p £25,250 $595,104 30% completed
15. Nov. 92,250 @27.10p £25,250 $627,677**

** To be confirmed 7am Monday RNS

Total number of Ordinary Shares in issue with voting rights now 4‭53,876,159

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#32

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 -26.46p £25,250 $32,572
21 Oct . 29,000 -27.91p .£8,174 $43,199
22 Oct. 89,285 -28.00p £25,250 $75,771
23 Oct. 89,285 -28.00p £25,250 $108,283
24 Oct. 88,192 -28.35p £25,252 $‭140,859
25 Oct. --------- --------- £--------- $140,859
28 Oct. 87,719 -28.50p £25,250 $173,178
29 Oct. 87,719 -28.50p £25,250 $205,750 10% completed
30 Oct. 87,719 -28.50p £25,250 $‭238,322
31 Oct. 87,719 -28.50p £25,250 $270,895
01 Nov. 88,967 -28.10p £25,250 $303,467
04 Nov. 89,285 -28.00p £25,250 $336,040
05 Nov. 92,165 -27.125p £25,250 $368,612
06 Nov. 92,592 -27.00p £25,250 $401,184 20% Completed
07 Nov. 90,909 -27.50p £25,250 $433,504
08. Nov. 91,274 -27.39p £25,250 $‭465,824
11. Nov. 91,274 -27.39p £25,250 $‭498,144 25% Completed
12. Nov. 91,274 -27.39p £25,250 $530,464
13. Nov. 91,575, @27.30p £25,250 $‭562,784
14. Nov. 93,283 @26.30p £25,250 $595,104 30% completed
15. Nov. 92,250 @27.10p £25,250 $627,677
18. Nov. 94,339 @26.50p £25,250 $660,502 1/3rd completed

Total number of Ordinary Shares in issue with voting rights now 4‭53,876,159

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#33

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 -26.46p £25,250 $32,572
21 Oct . 29,000 -27.91p .£8,174 $43,199
22 Oct. 89,285 -28.00p £25,250 $75,771
23 Oct. 89,285 -28.00p £25,250 $108,283
24 Oct. 88,192 -28.35p £25,252 $‭140,859
25 Oct. --------- --------- £--------- $140,859
28 Oct. 87,719 -28.50p £25,250 $173,178
29 Oct. 87,719 -28.50p £25,250 $205,750 10% completed
30 Oct. 87,719 -28.50p £25,250 $‭238,322
31 Oct. 87,719 -28.50p £25,250 $270,895
01 Nov. 88,967 -28.10p £25,250 $303,467
04 Nov. 89,285 -28.00p £25,250 $336,040
05 Nov. 92,165 -27.125p £25,250 $368,612
06 Nov. 92,592 -27.00p £25,250 $401,184 20% Completed
07 Nov. 90,909 -27.50p £25,250 $433,504
08. Nov. 91,274 -27.39p £25,250 $‭465,824
11. Nov. 91,274 -27.39p £25,250 $‭498,144 25% Completed
12. Nov. 91,274 -27.39p £25,250 $530,464
13. Nov. 91,575, @27.30p £25,250 $‭562,784
14. Nov. 93,283 @26.30p £25,250 $595,104 30% completed
15. Nov. 92,250 @27.10p £25,250 $627,677
18. Nov. 94,339 @26.50p £25,250 $660,502 1/3rd completed
19. Nov. 95,419 @26.20p £25,250 $693,074

Total number of Ordinary Shares in issue with voting rights now 4‭53,780,740

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#34

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 -26.46p £25,250 $32,572
21 Oct . 29,000 -27.91p .£8,174 $43,199
22 Oct. 89,285 -28.00p £25,250 $75,771
23 Oct. 89,285 -28.00p £25,250 $108,283
24 Oct. 88,192 -28.35p £25,252 $‭140,859
25 Oct. --------- --------- £--------- $140,859
28 Oct. 87,719 -28.50p £25,250 $173,178
29 Oct. 87,719 -28.50p £25,250 $205,750 10% completed
30 Oct. 87,719 -28.50p £25,250 $‭238,322
31 Oct. 87,719 -28.50p £25,250 $270,895
01 Nov. 88,967 -28.10p £25,250 $303,467
04 Nov. 89,285 -28.00p £25,250 $336,040
05 Nov. 92,165 -27.125p £25,250 $368,612
06 Nov. 92,592 -27.00p £25,250 $401,184 20% Completed
07 Nov. 90,909 -27.50p £25,250 $433,504
08. Nov. 91,274 -27.39p £25,250 $‭465,824
11. Nov. 91,274 -27.39p £25,250 $‭498,144 25% Completed
12. Nov. 91,274 -27.39p £25,250 $530,464
13. Nov. 91,575, -27.30p £25,250 $‭562,784
14. Nov. 93,283 -26.30p £25,250 $595,104 30% completed
15. Nov. 92,250 -27.10p £25,250 $627,677
18. Nov. 94,339 -26.50p £25,250 $660,502 1/3rd completed
19. Nov. 95,419 -26.20p £25,250 $693,074
20. Nov. 97,656 -25.60p £25,500 $725,646

Well pretty much back to where we started with $0.75m spent and what has been achieved? Nothing in regards to ‘return of value to shareholders’, that is for sure. No sign of change in a clearly failing strategy either.

I did predict this, but somehow convinced myself to buy tranches on the back of the buyback for trade which is now looking a mistake as the price looks set to drift down to at least previous lows of @22.x. unless the strategy changes … and why wouldn’t it at these prices? I suppose we don’t know what it is meant to achieve, despite it being our cash that is being spent.

Total number of Ordinary Shares in issue with voting rights now 4‭53,683,084

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#35

Good of you to do this each day, E, but I too think it’s too little to make a difference to anything. If they had decided to reduce the number of shares in issue by, say, 20%, that would make a difference, but, these piddling amounts won’t change anything. Waste of money. They’d have been better just giving us the money. Or a dividend?
TP


#36

Yes, and they still have to give us a dividend, but it is worth $2m less now. Of course, they might announce another buyback in Jan of another $2m, which would then last around another quarter to complete. That might keep on going - and, as we’ve often pointed out, the promised cash return to shareholders could be all dividend or all buybacks or a mixture of the two.

It is supposed to be a bi-annual payout as well, so unless you count this piddling small percent of the outstanding cash, it is well overdue … but then it depends on when you measure the last tendered buyback from too. Even so it is now overdue as the first buyback was announced around October time, even if it took months to complete … during which times SLE hit its lowest ever point.

It is going to do that again if there is no news flow soon and I’m doubting operational stuff will make much difference. It will have to be about the dividend. But how much is it? Maybe 5pps? It isn’t going to save my trade at this price and my average holding @31.5p

i’m still hoping the market makers run out of free floating shares so we can see supply and demand in action, but there is no sign of it. In fact they seem to be releasing enough the day before, virtually, to allow for this predictable buyback amount.

Very disappointing. A buyback needs to be at least 5% of market cap over a year to make a significant impact. It would be that if they do $2m each quarter, but it would mean a lot more waiting and earning nothing just to see me break-even on this one.

Annoying when i’ve had some excellent results in the likes of AFC and PRSM recently. I could have put the same cash into them and made hundreds of percent in ‘high risk piddling AIM companies’ instead of sinking cash into this ‘tier 1 world class asset’ which SLE can’t seem to make pay.


#37

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 -26.46p £25,250 $32,572
21 Oct . 29,000 -27.91p .£8,174 $43,199
22 Oct. 89,285 -28.00p £25,250 $75,771
23 Oct. 89,285 -28.00p £25,250 $108,283
24 Oct. 88,192 -28.35p £25,252 $‭140,859
25 Oct. --------- --------- £--------- $140,859
28 Oct. 87,719 -28.50p £25,250 $173,178
29 Oct. 87,719 -28.50p £25,250 $205,750 10% completed
30 Oct. 87,719 -28.50p £25,250 $‭238,322
31 Oct. 87,719 -28.50p £25,250 $270,895
01 Nov. 88,967 -28.10p £25,250 $303,467
04 Nov. 89,285 -28.00p £25,250 $336,040
05 Nov. 92,165 -27.125p £25,250 $368,612
06 Nov. 92,592 -27.00p £25,250 $401,184 20% Completed
07 Nov. 90,909 -27.50p £25,250 $433,504
08. Nov. 91,274 -27.39p £25,250 $‭465,824
11. Nov. 91,274 -27.39p £25,250 $‭498,144 25% Completed
12. Nov. 91,274 -27.39p £25,250 $530,464
13. Nov. 91,575, -27.30p £25,250 $‭562,784
14. Nov. 93,283 -26.30p £25,250 $595,104 30% completed
15. Nov. 92,250 -27.10p £25,250 $627,677
18. Nov. 94,339 -26.50p £25,250 $660,502 1/3rd completed
19. Nov. 95,419 -26.20p £25,250 $693,074
20. Nov. 97,656 -25.60p £25,250 $725,646
21. Nov. 97,276 -25.70p £25,250 £758,215

Total number of Ordinary Shares in issue with voting rights now 4‭53,585,808

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#38

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 -26.46p £25,250 $32,572
21 Oct . 29,000 -27.91p .£8,174 $43,199
22 Oct. 89,285 -28.00p £25,250 $75,771
23 Oct. 89,285 -28.00p £25,250 $108,283
24 Oct. 88,192 -28.35p £25,252 $‭140,859
25 Oct. --------- --------- £--------- $140,859
28 Oct. 87,719 -28.50p £25,250 $173,178
29 Oct. 87,719 -28.50p £25,250 $205,750 10% completed
30 Oct. 87,719 -28.50p £25,250 $‭238,322
31 Oct. 87,719 -28.50p £25,250 $270,895
01 Nov. 88,967 -28.10p £25,250 $303,467
04 Nov. 89,285 -28.00p £25,250 $336,040
05 Nov. 92,165 -27.125p £25,250 $368,612
06 Nov. 92,592 -27.00p £25,250 $401,184 20% Completed
07 Nov. 90,909 -27.50p £25,250 $433,504
08. Nov. 91,274 -27.39p £25,250 $‭465,824
11. Nov. 91,274 -27.39p £25,250 $‭498,144 25% Completed
12. Nov. 91,274 -27.39p £25,250 $530,464
13. Nov. 91,575, -27.30p £25,250 $‭562,784
14. Nov. 93,283 -26.30p £25,250 $595,104 30% completed
15. Nov. 92,250 -27.10p £25,250 $627,677
18. Nov. 94,339 -26.50p £25,250 $660,502 1/3rd completed
19. Nov. 95,419 -26.20p £25,250 $693,074
20. Nov. 97,656 -25.60p £25,250 $725,646
21. Nov. 97,276 -25.70p £25,250 $758,215
22. Nov. 98,039 -25.50p £25,250 $790,535**

** To be confirmed Monday 7am RNS

Projected buyback end date during w/e 17th Jan. Almost exactly 3 months. Questions arising:
Q. Will there be another $2m buyback announced for the next quarter?
Q. Will the dividend announcement be made during a buyback programme - undoubtedly raising the share price and weakening the buyback in terms of number of shares being bought? (I’m guessing not, so probably nothing until at least the date given above).
Q. Where would the price be without the buyback? Have shareholders really gained anything from this exercise?
Q. Who on earth is selling enough shares, presumably at a loss, to ensure that the price is now below where the buyback started? Approx 2,000,000 and counting to date. Many more and they would be a notifiable holder. They now come onto the market usually in blocks of 100,000 each day prior to the SLE purchase.
Q Will we see new lows in the share price by the end of the buyback? I.e. @22.60p or lower.

Total number of Ordinary Shares in issue with voting rights now 4‭53,487,769

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#39

Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 -26.46p £25,250 $32,572
21 Oct . 29,000 -27.91p .£8,174 $43,199
22 Oct. 89,285 -28.00p £25,250 $75,771
23 Oct. 89,285 -28.00p £25,250 $108,283
24 Oct. 88,192 -28.35p £25,252 $‭140,859
25 Oct. --------- --------- £--------- $140,859
28 Oct. 87,719 -28.50p £25,250 $173,178
29 Oct. 87,719 -28.50p £25,250 $205,750 10% completed
30 Oct. 87,719 -28.50p £25,250 $‭238,322
31 Oct. 87,719 -28.50p £25,250 $270,895
01 Nov. 88,967 -28.10p £25,250 $303,467
04 Nov. 89,285 -28.00p £25,250 $336,040
05 Nov. 92,165 -27.125p £25,250 $368,612
06 Nov. 92,592 -27.00p £25,250 $401,184 20% Completed
07 Nov. 90,909 -27.50p £25,250 $433,504
08. Nov. 91,274 -27.39p £25,250 $‭465,824
11. Nov. 91,274 -27.39p £25,250 $‭498,144 25% Completed
12. Nov. 91,274 -27.39p £25,250 $530,464
13. Nov. 91,575, -27.30p £25,250 $‭562,784
14. Nov. 93,283 -26.30p £25,250 $595,104 30% completed
15. Nov. 92,250 -27.10p £25,250 $627,677
18. Nov. 94,339 -26.50p £25,250 $660,502 1/3rd completed
19. Nov. 95,419 -26.20p £25,250 $693,074
20. Nov. 97,656 -25.60p £25,250 $725,646
21. Nov. 97,276 -25.70p £25,250 $758,215
22. Nov. 98,039 -25.50p £25,250 $790,535
23. Nov. 96,153 @26.00p £25,250 $823,107 approx 41% completed

Total number of Ordinary Shares in issue with voting rights now 453,297,277

*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.


#40

Eadwig - Thanks for all your work - I have the same list of questions - I have tried reasoning the current procedure for the SLE of buying out shares from any which way possible given OF and Tosca complicate mind sets (Note: I don’t consider OF even breaths without talking with Tosca ) but to date I can only plainly see that money is being paid aka “transferred” out of the company to others for reasons which continue to escape me - no doubt it will all be revealed eventually.