I am wondering this myself too. Why bother announcing a buyback if they had no intention of doing it.
Market cap is now below $500m. Subtract the cash which is $183m (but probably higher now) that leaves $317m valuation on the existing business which is growing at a steady pace. Less than 8 times forward NPAT if you think they can grow at a similar pace (to roughly 40m NPAT) with zero value on anything outside their existing income streams.
In that situation what could they possibly want to do with $180-200m cash that they couldn't do with $150m~ cash if they went through with the buyback? It doesn't exactly limit their options.
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