The SP has been subdued for many years mainly due to...

The SP has been subdued for many years mainly due to institutions with less than 20% of issued capital constantly short selling it - despite the company performing well and returning decent dividend to shareholders.

IMHO - this is not a spin; before covid hit the market, directors were about to do some more buy backs this time they they had the instos on sight and I along with many long term holders thought the company would go private after that.

Instead the company did the admirable and the decent thing - rather than carving up the profits among handful of people lets reward the long term holders.
In my view given the announcement if I read it correctly every share is worth upwards of $3.50. but you must do your own research.