4Q2024 Valuation, page-20

Yes mate you're missing the point though. It was well overdue and you yourself considered MLX ridiculously undervalued at the time. So why set a cap only 30% higher? It rose 15% on the day of the announcement alone, before a single share was bought, and subsequently moved up 79% from pre-announcement (highlighting that the market was waiting for news of capital returns to shareholders).

This convo is about why management is forcing investors to get bank interest returns for equity risk on half the capital, when we could reinvest in our own business for far greater returns and stop getting valued like a coal miner.

Tin has continued to show strength, our profit and cash build this qtr should be quite significant, and yet our buyback is not buying back any shares...... Surely a more intelligent setup would be a looking at our WACC and IRR, our near and long term capital needs and running a floating buyback accordingly vs saying we are doing 10% buyback but only below prices that are ridiculously cheap and unlikely to achieve anything meaningful for shareholders. A buyback that isn't buying back, isn't a buyback.