Chinacast Education (NASDAQ:CAST)

Dear Fellow Shareholders,

Earlier this year, the Company’s Board of Directors adopted a share buyback program through which it authorized the Company to buy up to $50 million worth of Company stock over a 12 month period commencing on March 16, 2011. Since implementing the program, the Company has re-purchased approximately $5 million worth of stock or over 1 million shares. Yet the price of the Company’s stock has declined and, given the Company’s cash position, some shareholders have expressed concern and confusion because the Company has not bought back more stock at these levels. Viewed as a simple function of stock price and cash on the balance sheet, I understand why some may have concerns. The decision to expedite the buyback, however, is far more complex. Full letter