Ann: Capital returns policy and launch of on-market buy back, page-9

A welcome buyback announcement from my point of view.
Taking a step back:-

• We all agree that the stock is cheap and so even if the buyback is being indirectly financed with the high yield bond, it is likely an efficient use of capital as the implied cost of equity is much higher.
• The 6 month buyback seems to signal that management's approach to buybacks will be to do them opportunistically.
• If the POO remains high will this result in a higher dividend and/or a larger buyback or both?
• Will the buyback be reviewed every 6 months so we can expect at least another US$25m buyback in the 1H25?
• Will management target a larger 12 month buyback in FY25, especially as the final large deferred payment on Bauna (US$86m) will complete in Jan 25? Could the buyback be as high as U$100m in FY25?