Ann: Quarterly Activity Report - Q2 FY24, page-4

I think Task could/should announce a share buyback program. They bought just the Task SAS business back in September 21 for A$120m and now the whole company trades on an EV of A$114m (A$142m-A$28m cash). I know tech valuations are off a bit since then but Task has performed way better than expected, particularly in the original Plexure business that has been transformed with cost cutting and recutting the Mcdonald's contract. Another way to look at it is they raised NZ$37m equity at that time at NZ$1.20, nearly 3x today's price. With NZ$31m cash on hand and forecast net cash generation around $10m+, why not? (I'm looking at a broker report that goes from $9.2m FY24 to $18m FY26).

A buyback program to try and get some liquidity going in the stock makes sense, even $5m would help. I don't really understand the implications of cancelling the NZ listing but I assume that it has created some reluctant holders who are NZ investors generally and some forced sellers that have an NZX mandate. Why not provide an exit for them without crashing the stock even further. It is a bit of a unique situation with cash of A$29m that they don't need and free float of only around A$75m (with 47% of stock held by founders and Mcdonalds).