I don't see anything good about them picking up more at or below...

I don't see anything good about them picking up more at or below NTA.

There is so much value in the current pipeline of projects, with minimal execution risk that it's surprising that the price has dropped so much over the last 12 months, only being propped up by the buy-back. Surely the fact that management saw an opportunity and the resultant buy-back is a sign of long term confidence in the business.

I hope management show some guts and tell them that they're dreaming with the current offer of $2.20.

An offer of $2.50-$2.60 would still seem opportunistic and undervalue VLW, $3 might spark my interest.

I hope to hold for some time.

Cheers