Ann: Quarterly Activities Report, page-25

yes, i remember doing the maths a while ago and concluding that even a fairly aggressive buyback wouldn't by itself cause APAC to violate the creep rule, but they might prefer to just buy on-market instead and own the same % of a company with an even more stupid EV & cash position. just spitballing though; overall yeah i would also like to see a buyback or dividends just to slow down the cash pile growth (this quarter flat, but that's while getting an unusually high amount of required spending done with a fairly mundane tin price). i assume the commencement of either one or the other would encourage the share price upward a little over time, too, putting us at a more sensible EV.

Overall though i just watch the chinese economy and the tin price... I don't see management's actions doing much more than nudge this around a little, how they react if/when the tin price increases again will be the real test. Ofc they could prove me wrong to the downside by doing one of their TAM/NC1 style purchases at a much larger scale, which i think would disappoint/spook many regardless of actual performance. On that front they seem to have done ok to date, NC1 in particular iirc has basically been traded, selling what can be sold at highs and re-entering lower with a tiny bit in the recent raise; but even outstanding performance wouldn't really win them much confidence since i think pretty much everyone is invested for Renison, not for some maverick yolo plays into shitco explorers/pre-developers.