Ann: Change in substantial holding, page-13

There's no takeover rumour. It's just one poster above speculating which is fine and all, but I don't really see it personally.

The rationale for a buyback is still there and one would think is stronger than ever at the current SP level IMO

They would have been planning to cancel Synlait's exclusivity rights for a while now - the DIFOT issues behind this were flagged earlier in the year. In retrospect it seems like it could have influenced their decision to preserve the capital instead of issuing a buyback.

Synlait has major issues at the moment, both in terms of the A2M supply dispute but also their financial viability, asset sales etc. The capital requirements for A2M would be increased if MVM upgrades need to be completed sooner (if they negotiate a transition to EL production sooner) or if they need to increase their stake in Synlait (e.g. as part of some arrangement with Bright).

Somehow I just can't see them making any other acquisitions while these issues are unresolved, but I feel they could pull the trigger on another buyback at any point if things stabilise with Synlait.