Discussion on SP, page-505

Firstly, step back from your own personal circumstances and see from a macro point of view.

If you re-read my post, the primary outline is to attract institutional investors.
The register is tight, with retail being in the minority.

Taking shares from such a small register means LESS trading stock.

Buyback advantages no one in this point of time. Again, the cap and shares on offer CAN be compared to larger caps like IGO, where a 10% purchase rips a lot of 'non-value' trades from the register, where MLX needs more readable shares.
This prevents such massive share price volitilty, the area where institutional buyers absolutely dislike.
Taking 30 million now, will mean 100 million , should the cap exceed a billion. Net effect is minimal...

Your opinion I valid, but step outside the company and instead look at WHO would be a willing buyer in this market?
If it was such a bargain, where are the current instos now?
Nowhere, because the bigger investors can see how easily it is to move price, with no shorting.
Their investors won't tolerate such violent price swings, and they are too illiquid and slow to tolerate such.
Sales are small time retailers only, and a couple of , what looks to be, insider sp trades.

Use the funds where the long term value adding, will be more effective.

Anyway, mature discussion is always welcomed, and let's try to keep it that way.