Danbradster
I agree with your calculations.
As a holder of the prefs (vrlpa) the buy-back is all well and good - with one deciding whether to sell based on the price in the context of the company's prospects.
However the issue is more the proposed conversion of the prefs into ords on a one-for-one basis - with the distribution rights that the prefs have this appears unfair and it will be interesting to see how the vote goes at the meetings.
Company's prospects look good - a concern is that the shares (ords & prefs) have been trading at low, undervalue prices at low volumes. This buy-back and the earlier ones suggest (possibly) that the end game is for the majority shareholder to take the company private? In this context hopefully we can all realise a good uplift in share prices and exit well!
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