I don’t think returning capital ISNT part of the strategy.. They’ve just said they would like to have circa their share of Rentails capital on the balance sheet to afford them the option of internally funding it (if it makes sense) rather than being at the mercy / being bent over by a loan shark.
Im on the buyback camp too and aggressive cash returns but I can understand why the conservative option has been chosen. I think that capex sits on the balance sheet very shortly now that the heavy capex into Area 5 upgrades is coming to an end.
MLX Price at posting:
25.0¢ Sentiment: Buy Disclosure: Held
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