Ann: Working Capital Increased as Plant Upgrade nears Completion, page-28

That assumes cash supply isn't effectively infinite. Borrowings enable cash supply to effectively reach infinity. With infinite cash you can both generate the maximum growth possible in a given industry whilst also investing in the best growth company which then as a result is yourself, especially if your SP doesn't track your NPV. Obviously this is the idea case, but the point is if your SP is far below your NPV and you either have free cash or access to borrowings there is still a large range in which it's worth contemplating buying your own shares. If your SP otherwise corrects itself then you've removed the question from the table. The company is simply exploring a way to address what it sees as potentially a discrepancy between where the SP might be and where it sees value in itself once the recoveries improve. If it doesn't make sense then it won't do it; but If doesn't make sense then by definition the problem it perceives might happen (a continued deflated SP won't be the case). Either way shareholder get value if the company can get recoveries up.