You are both correct, there is a moving vwap cap (ASX rule...

You are both correct, there is a moving vwap cap (ASX rule 7.33). As of yesterday’s buying the cap stated in the update notice was $4.26 and in Tuesday’s buy-back update it was stated as $4.31.

This would suggest there is ample head space for the buy-back to buying well above $4 (eg the high on Tuesday was $4.06 but the 251 shares purchased were in the small set of shares traded at $4 and even then those 251 shares were only a small subset of the shares that did trade at $4).

I’m guessing what greentray1 was saying is that there does not seem to be any recognisable logic behind Tuesday capping at $4, yesterday capping at $4.05, or any other random number HLI chooses.

Smart people have posted that buying back under NTA is good, so $3.76 would be the cap there (that was NTA on 31/12/2023). Helia’s FY23 results presentation also showed NTA plus Contractual Service Margin is $5.32, so is this what management see as a good cap?