Yes. They have missed the boat again. TBH@Ed1value it would be...

Yes. They have missed the boat again. TBH@Ed1value it would be hard to find a small cap manager who has performed worse than NAOS, and that's despite a share buy-back being active for the last 5 years, over which time the SP has gone absolutely nowhere. It's about the same now, as it was in April 2019. I can only imagine where the SP and NTA would be now if they hadn't bought back 20% of the shares on issue. And by-the way > Dividend payments have remained essentially flat over this same period. So no upside there either.

Quote from todays announcement.
"The share buyback remains active, with a further 595,000 shares bought back over the three months to 31 March 2024. Since the commencement of the buyback in April 2019, over 34.2 million shares, or 20% of shares on issue, have been bought back on-market, which has been significantly accretive for shareholders"

I find the last sentence an incredible stretch as commentary about performance / shareholder return.
What would have been accretive is better portfolio management that produced a higher NTA after 5 years and an increasing stream of fully franked dividends over 5 years. Shareholders can only hope that WAR takes this over.