yes but one needs to understand that a good chunk offuture...

yes but one needs to understand that a good chunk of
future revenue will come from 8E . It’s appropriate and good management to wait until they confirm it will deliver as expected, and I think all indications are it is doing that. The early thinking of a phase 2 is in itself a positive sign. A stable mature business can advice on capital management early ,
especially since this capital management initiatives are a small part of cash flow. In HZN case the business has seen a massive change in revenue and the level of capital management is large relative to market cap so one would imagine more checks and balances would be required in this case than a blue chip doing a on market buy back or paying a 2% special dividend