Except that we have all been diluted by the $80M cap raise.
The cap raise issued shares at 40 cents. If BVS does a share buyback, they are purchasing the shares at nearly three times the price. So the business loses the capital from it's balance sheet, but we remain heavily diluted.
I think it is a very strange move by BVS. It is extraordinary that BVS has felt the need to raise $80M, but have used less than $5M of that capital since the raising.
How could they get it so wrong? Why raise such a large amout of cash only to find it's not needed after all. It feels like incompetence to me. The markets tepid reaction suggests the same, in my opinion.
Hopefully their explaination at the AGM will allay my fears.
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