Actually in that 2022 announcement HLI said they would “return...

Actually in that 2022 announcement HLI said they would “return capital levels to within the target range”. They have never been in the range, always fail to deliver, always have a reason why - of course, despite the miss, they are successful in finding ways to pay themselves more (fees for board members, bonuses based on ‘what if capital was actually within range’, etc).

I am with greenwray1, declare specials.

Accelerating buy-back would be appreciated, but even if they bought back every share from every shareholder outside the Top 20 (in the back of the annual report), HLI would still have excess capital above the board approved target range.