I don't see why the buyback is so contentious.We raised $30m...

I don't see why the buyback is so contentious.

We raised $30m last year at 13c pre-proposed merger.
The plan is to merge with a SPAC (SZZL), list on the NASDAQ and be issued with USD750m worth of listed stock (CRML) - the equivalent of around AUD80c per share.

The buyback used $10m of those funds raised last year to buy back 100m shares for less than they were issued. With EUR expected to have > AUD1b of listed shares on the balance sheet in the short term, why not buy EUR shares for 10c when they should be worth around 80c before we need that cash?

The board are essentially backing themselves that the merger (and rerate) will happen and found this to be an excellent return on investment for shareholders funds. Worst case they achieve a return of 30% buying back shares issued at 13c for 10c. Best case they achieve 800% or more return on a rerate or sale of listed securities.