Ann: CLINUVEL renews share buy-back program, page-63

Clinuvel Pharmaceuticals Limited (ASX: CUV) has announced two on-market share buyback programs over the past year, totaling up to $20 million. However, as of March 27, 2025, the company had repurchased only 66,590 shares for approximately AUD 0.99 million, representing about 0.13% of its outstanding share capital.

The buyback program was initially announced on March 14, 2024, with a proposed start date of March 28, 2024, and an end date of March 27, 2025. The company stated that the execution of the buyback would depend on prevailing share prices, market conditions, and its capital position, with no certainty that any or all shares would be acquired.

On March 27, 2025, Clinuvel renewed its share buyback program for another 12 months, allowing for the repurchase of up to 1,500,000 ordinary shares, representing approximately 3.0% of its outstanding share capital. The new program is set to expire on April 9, 2026.

The limited repurchase activity thus far may be attributed to the company's cautious approach, waiting for more favorable market conditions or share prices before executing further buybacks.

Conclusion:

Clinuvel is unlikely to be legally liable for misleading conduct unless it can be shown that:

• They never intended to buy back shares despite announcing it, and
• Knowingly created a false impression to influence the market.

However, if you're a shareholder or stakeholder, you could request greater clarity from the company or regulators regarding its actual intent and criteria for executing the buyback.

I think that they need to be careful not to breach any rules.