This increase in share buyback is a hollow promise that will never be fulfilled. Consider this - at the time of the announcement in August 2024:
Shares on issue - 1,218,355,533
Buyback notification - 5%
Buyback period 16 Sept 2024 - 15 Sept 2025
Shares to buyback 60,917, 776
So we are 5 months into this program, and the results are
Shares bought back (as of 15 Jan 2025) - 16,450,866 (1.3%)
MGX have not reported any buyback since 16 January.
Business days left to buyback before 15 Sept 2025 - 153 days (or thereabouts)
Shares per day to buy back to meet 5% buyback - 290,633
Shares per day to buy back to meet 10% buyback - 688,788
On current form just ain't going to happen
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