Ann: FY22 Full Year Results Investor Presentation, page-7

we often see "spinning the wheel" by companies. Have a buyback and then issue more capital.
You may be right with payout as divvies but many fund managers want the cash flow from dividends rather than capital appreciation which can be ephemeral in a bear market.They will bid a company up on this and they want liquidity.
RIC will become less liquid and a T/O can be more targeted.

Wouldn't mind given 20 mill to buy RIC shares and see what happens to the SP.It is enough to do a good ramp given judicious application of the funds to the market.Would even short sell at times to pick up another 10 mill on the side.Watch the show unfold.Watch for "State Street Custodians" Bank of America and even Macquarie starting to play their games.

You have to watch the play over the years.
There is a copybook on "How to take over a tightly held company".
Royal Wolf was a classic example.
The first step is to have a highly regarded board without much skin in the game.
Will leave the rest to your imagination.