Yeah last year they released the FY23 report on the last day of February... then on 1 March announced the buyback of up to 10% of stock over 12mths.
The buyback is on pause now whilst in the backout period until results so will be interesting to see what the stock does. I suspect they renew the buyback for another 12mths with results and hopefully lift the ceiling from 40cps to something much higher given they likely have 25cps (A$220m) of cash as you say. I am informed that current modelling suggest tax losses to be depleted in Q1 so potentially start building franking credits and dividends come into play.. though taxes may be at reduced rate as per @HiDiHi.
Results should be decent for the year... last year we wrote down the Cyprium con notes from $30m to $14m book value as recovery appeared unlikely.. I suspect that to reverse given recent events which should boost profit albeit its a non-cash component.
I also understand CY25 is looking like another 10,000t of tin PLUS year at Renison... onwards and upwards.
MLX Price at posting:
40.8¢ Sentiment: Buy Disclosure: Held
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