Ann: Capital Management Policy & Operational Update, page-4

Sorry for the cynicism but expecting a shocker of a quarterly now. I suspect this was put in place to cover for what's coming in the short term. The rig sale nicely covers capital requirements for shortfalls in already telegraphed reduced trading revenue & EBITDA this quarter

They've announced & put in place a buy back policy previously & opined that the share price was not reflective of value but I don't recall them ever buying a share. Will be interesting to see whether they actually do anything from mid july & if so in meaningful amounts rather than just token buys which would be worse, undermine confidence in management (again) & in turn hold back the share price going forward for longer

I'd prefer they went to town on the buyback over dividends with a share price below around 48c. Wonder where their buyback limit is at this time....