geoff - at the moment i would only be buying scrip from companies that pay a dividend of about 4% or above and have little or no debt.
At present the market is still in a bearish trend overall - but i think will experience a bear market run to about 400 points, maybe slightly higher. Howeverv once it reacher this point i think the fnal fire sale may begin...the market could drop a lot further.
If buyng i would be buying just small amounts - i think leaving it in cash is sensible now - I would hold off for 18 months or so - i expect the market to lose 10% next year - atleast in cash your capital will be protected.
insert disclaimer here
One other thing i would recommend is tat you understand how the company makes money, good luck