Once it goes live, I suspect you will see management use the...

Once it goes live, I suspect you will see management use the buyback aggressively, certainly up to say $2 per share. If they know in their mind they will sell and they are confident they can achieve their price within say 18 months, they should hoover up as many shares as possible. The calculus is not the normal one of EPS accretion, the calculus is capital gain in to a sale at say $3.20 to $3.50 per share.

The other interesting aspect is that they will want to deploy it before entering any new negotiations. If they were to dribble it out everyday over a year and after say 6 months that daily dribble were to stop that will only be taken as a signal that they have gone in to some form of blackout again.

I think it is the right approach as there is little to no value in having excess cash on the balance sheet going in to a change of control on the sort of multiples they are looking to get. With that in mind and assuming we are still listed at the time I think you might also see some sort of capital distribution on the agenda at the AGM later in the year.