Ann: Increase in On-Market Share Buy-Back, page-6

The largest impediment to a buy-back of this magnitude over the balance of this year would be (I think) the 5% price rule (the buy-back price must not be more than 5% above the average of the market price, where the average is calculated over the last 5 days).

Average daily volume the past few months is about 600,000 shares (occasionally we spike to 1m shares). With our share price stuck in a very tight trading band (30c to 33c since last August), 5% does not offer a lot of wriggle room and certainly 600k+ buy-back shares per day to get to 10% would likely significantly move the market.

So, I suspect whilst the intention is there, we will continue to see a pedestrian pace of buy back unless some one-off trading opportunities present themselves.

So, for the moment I believe the share price is stuck where it is outside of external factors (IO price spikes, AUD collapses) or a news driven event such as a new investment.

However, for those who can remain very patient, I think this stock will eventually prove rewarding (as was the case for those holders through the 2014 to 2016 "doldrums" before the share price took off to peak at $1.30 in 2019).