Again thanks for the considered feedback and I offer the same...

Again thanks for the considered feedback and I offer the same well wishes to you with AVA(FFT). FWIW, I have long been an advocate of the 2 companies merging, I just wished that the conditions were more fair as I believed MSP had more to offer, mainly in Chris Fergus, which has been proven correct in his appointment of CEO of the group. I have previously been a holder of FFT long before all of this mess and I will likely revisit at some stage.

Just on your first point, please keep in mind that the buy back has only just begun with five days of buying and the buying has moved already from 2.1c to 2.3c. The current maximum payable by MSP is not yet at 2.4c and that is why it has not been taken out. MSP will have a broker working on this for them and they will work their "magic" to keep the VWAP where they need it to be.

For example, did you notice that ~22,000 shares were sold into 2.3c today? This is highly unlikely to be retail, for a start it's only about $500 worth and the total number of shares is less than the un-marketable parcels which were covered off in the buy-back. This is simply a broker making a sale each day to keep the vwap moving up when no other holder sells, hence why it happened after market today.

I say again, there is no logical reason to sell at current levels. Until now, there hasn't been a buyer on market, understandably so, and that is why the price drifted so low. I'm sure even the MSP/AVA team would agree that it's below value and that is why they will continue to buy back up to fair value.

Best of luck with your AVA holding, chart wise over a longer time frame it looks great for a re-rate.