Ann: Strategic review of Platinum Capital Limited, page-8

If you look at the history of the buyback it started back in 2021 but no stocks were bought until October 2023 despite PMC trading at 18-20% discount during that period.
Maybe it was an attempt to get the SP above the option exercise price of $1.37 and grow FUM.
It certainly did not work and almost none of these options were exercised.

This announcement promising a "strategic review" is just smoke and mirrors - hanging the carrot of a potential wind-up to get the SP discount back below 15%. And to management credit it worked.

Right now there is no need to buyback while the discount is below 15%. But I'm fairly certain it will restart if the discount was to getting back to the 18-20% it used to trade at last year and the year prior.

If PMC management were working for shareholders they would put a wind-up or a change of structure for a vote regardless of a "sunset clause" like Forager did.