It's right if the price rises to >$2 and Taurus converts. But the $2 SP and conversion is not guaranteed, so it's still a risk to use cash on a buy-back right now (mainly a risk if we run into a cash shortage for whatever reason, and ended up having to raise money at a discount or take on expensive debt).
But if net cashflow proves strong, with debts reducing, then it might be a reasonably safe option buying back X amount of shares, on the expectation of Taurus contributing cash at $2 per share at a later date. You'd have to be pretty sure that the cashflow was strong and growing, so that there's 80% odds of the SP rising to >$2 within a year.
Ann: Becoming a substantial holder, page-13
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Mkt cap ! $327.9M | |||
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