IMO: it almost looks like the board decided on a capital return, obtained shareholder approval for it, then due to altered circimstances changed their mind - but then found it impossible to extract themselves from the public commitment. Perhaps they devised this cap return as some sort of bargaining chip/incentive to flush out a quick change of control event (i.e. buyout) which then did not eventuate, and never really intended it would go through (because a deal would be done).
John Madden imo was probably the architect of the capital return strategy, and he had to fall on his sword and depart from the board. Now - because shareholders won't easily stomach a reversal of their earlier decision to make a capital return - they just keep punting it out into the never-never. Molton clearly agrees with this rolling extension approach otherwise they would've done something by now to force it, surely. Then John Jetter's subsequent departure signalled (at least to me) that the original strategy was in disarray and that he had probably failed to get the company sold per the original plan. Him gone along with Madden probably helps them keep stalling, as they can blame prior directors and officers.
I'm not saying the cap return decision will be reversed - just that its being stalled deliberately as they continue to use it as a bargaining chip or incentive for new potential acquirers (of which it seems to be few or none at present). An acquirer would rather have all that cash still in the business of course, not distributed out to all and sundry, especially too if they are US based (and the cash is all in USD anyhow).
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)