16 November 2010 – share buyback

The company has announced that it has purchased 7,631,771 ordinary shares at a price of 85p each for cancellation. This leaves less than 250 million shares in issue. The company does not intend to make further market purchases of its own shares but is continuing with its progressive dividend policy. There is a strong possibility that there could be special dividends or a return of capital through other similar mechanisms as the company’s assets are realised. The company is effectively being wound up by the end of 2012 and we continue to believe that solid returns will be delivered by that time. The ex-dividend date for the final dividend of 3.85p per share is 8 December, with payment due on 17 December. BUY.