Agree 100%. Greentech is the main prize. Gaining control over Renison is a huge value multiplier even compared to buyback. It is smart to retain the optionality of a big cash pile just in case it is needed to move quickly. If Greentech does not pan out and franking credits start being accrued I’m quite confident management will move more aggressively to return capital to shareholders. But that’s a 2026 story. Right now the eyes are on the Greentech prize (or so I think … )
MLX Price at posting:
53.5¢ Sentiment: Buy Disclosure: Held
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