Ok, so there is still the possibility of this all being 'scuttlebutt' and there is also translation factors, so more information would be appreciated. Did the call take place? Was information given that is not publicly available to all investors? Did the parties involved trade on the information? Did shorters trade on the information? At the very least they must have internal corporate governance and confidentiality guidelines that should be examined to get answers to all those interesting questions, nothing harmful may have been divulged if the call happened at all. The translation posted does say about 'medium term' so I could interpret that to fit my thinking that next week in the new financial year the share buyback will begin in earnest now that some stability has occurred - stability meaning the shorters are not manipulating/dumping the price too far down. Because that is what is happening right now according to ASIC data, the short seller is continually adding fake liquidity via new open short positions on an almost daily basis and not allowing the share price to climb (just as they did to a massive extent in the days after the buyback announcement with half a million fake shares). So allowing this to continue and not fulfilling what they publicly stated about capital redistribution would be a massive slap for all those who bought shares based on those releases, not to mention those who bought shares at $20, $25, $30, $35, $40 or $45 and IMO it would greatly assist 'those who gamble against the company' and who have 'decoupled' the current market cap from the Company's value (didn't the board say that?).
Below is what I have posted a few times on what the company said publicly via the share buyback release and follow up newsletter. I am sure many people have traded based on that information because when share buybacks happen share prices invariably go up and I strongly believed that the company was finally going to strike on shareholder behalf and restore a fair value to this very promising and profitable company.
A share buyback is a capital distribution, like a dividend, but with many added benefits like the company described below. The CUV cash redistribution will only use a small percentage of shareholder cash and I think this rather small redistribution of capital to long suffering shareholders via purchasing 1.5 Million shares is actually non-negotiable, they just need to do it and the new financial year is only days away so it would seem appropriate to start buying back then. Just look at Cochlear with their P/E of about 75, which is about triple CUV, they announced a $75 Million share buyback and they completed it in full with no fuss, just a nice statement of intent and followed through without any fuss by management. It's funny that we must always look for hidden meaning in Clinuvel, just do what you said you would do and that will build trust and confidence. Things like giving one of this years stated objectives a big tick while changing the objective do not help confidence and this has also just happened with the Cyacelle global launch - getting a big tick because the 'prelaunch' is initiated but in 2025 they will be initiating global launches of the cyacelle range?
Here's what the Clinuvel board of directors said about the crazy undervaluation, and also what the company said in a recent newsletter regarding the share buyback (underline mine):"Board of Directors view current market capitalisation as decoupled from the Company's value". PW said on the same release"Given expected earnings, underlying growth in existing and new porphyria markets, current cash reserves, and projected expenses over the next 12 months,redistribution of capital to shareholders through a buy-back program is appropriate".
"We have chosen the moment of a repurchase as first clinical results for 2024 are published, andwe will keep at it until those who gamble against the Company have understood the message.Given the expected future cash flows, we are in the position to prolong the program when required, since Board and management do not believe that market value has reflected the Company's performance in recent months. To those shareholders who have proven supportive,we have waited for the right moment to strike on your behalf."
"The share buy-back further increases the relative percentage of ownership for our owners, and thereby compounds CLINUVEL'S strategy to minimise dilution.With 1,500,000 shares (or approximately 3% of the outstanding share capital) to be repurchased, we hold a longer-term view on capital management without jeopardising plans to reinvest and expand the Company."
"The first trading days after the buy-back announcement on 14 March dispelled the myth that the share price is reflective of performance only"
All IMO DYOR
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