Ann: Share buyback to commence 5 October - 1Q23 Trading update, page-75

"Throughout the buyback period, the Company will continue to assess market conditions, its prevailing share price, available investment opportunities and all other relevant considerations and, with regard to these factors, will determine the timing, volume and pricing of any share acquisitions. The Company reserves the right to suspend without notice or vary or terminate the buyback programme at any time."

Could be a number of things, but the fact is they have nominated a 12 month window in which to do it. If they wait too long and the SP is 25%-50% higher, for instance, it is not ideal, but in the scheme of things shareholders would presumably already be happy with the SP performance at that point. I think they'll start buying before the AGM though.