I think the wording of the latest announcement may be ambiguous...

I think the wording of the latest announcement may be ambiguous regarding the number of shares to be bought back.

The way I read the shares outstanding post buyback will be:

Current SOI..........................................................1,942,000,000

less $400m buyback (1) already approved.............175,000,000 (taking company estimated value of av $2.30/share)

less $500m buyback yet to be approved.................215,000,000 (taking $2.30/share)
Total shares bought back........................................(390,000,000)

SOI post buyback..................................................1,552,000,000

In other words, imo, the company is assuming the average buy back price will be $2.30/share.

It would appear the 390,000,000 shares to be bought back representing 20% of current SOI , includes the first buyback (???) ..why would you need shareholder approval for the first buyback when it has already been approved. Perhaps the announcement meant to say shareholder approval for the second buyback of 215,000,000 shares maximum??. My understanding is that the first buyback is funded from profits of prior periods and nothing to do with the funds from the Waggaman sale..