If they thought the SP was undervalued by 50%, and reducing cash through a buy-back wouldn't increase their chances of bankruptcy or failing to be able to finance the legal process, then it could be considered an investment to do a buy-back.
Example: Spend $10m now to buy-back some shares at a 50% discount. Win TAFTA. End up being able to return $30m more cash to remaining share holders (because of less shareholders to share the payout). So $10m got turned into $30m for remaining shareholders, but the ones who participated in the buy-back would have missed out on that $30m.
But it has to be a realistic valuation (risk adjusted), and not put much pressure on the company.
Ann: Notice of 2019 Annual General Meeting and Annual Report, page-5
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