If you look at the history of the buyback it started back in...

If you look at the history of the buyback it started back in 2021 but no stocks were bought until October 2023 despite PMC trading at 18-20% discount during that period.
Maybe it was an attempt to get the SP above the option exercise price of $1.37 and grow FUM.
It certainly did not work and almost none of these options were exercised.

This announcement promising a "strategic review" is just smoke and mirrors - hanging the carrot of a potential wind-up to get the SP discount back below 15%. And to management credit it worked.

Right now there is no need to buyback while the discount is below 15%. But I'm fairly certain it will restart if the discount was to getting back to the 18-20% it used to trade at last year and the year prior.

If PMC management were working for shareholders they would put a wind-up or a change of structure for a vote regardless of a "sunset clause" like Forager did.