Media reports today speculating that a 'share buy-back is firmly on the agenda' are inaccurate.
A share buy-back was considered at last weekÂ's Board meeting. However, it was decided not to instigate one at this time for a combination of reasons:
1. Firstly, the company wishes to preserve maximum financial flexibility, given the global market and economic uncertainties prevailing.
2. Secondly, the company does not feel it is timely to do a buy-back prior to completing the review of ways to improve the returns from its Real Estate Investments ('REI') business.
As previously stated, a share buy-back will be continually reviewed by the Board.
The company made clear to the market in last weekÂ's announcement of its 2002 full year results that it was looking at a range of options to improve returns for shareholders from its Real Estate Investments businesses.
The Board has not reached any decision in relation to the review of these options. The company will advise the market once the review of these options has been finalised.
(source: Lend Lease)