I don't know what these guys are thinking.. the day the buyback...

I don't know what these guys are thinking.. the day the buyback started was sep 14 and the price was $3.8.. i questioned at the time why they weren't active given the price was 20% lower than just 2 weeks prior.. and now they start up with their first on market buyback at $4.53.
Very poor capital management from CFO here.

On top of that, back in May/June they announced their new funding deal with PEP at BBSY +700, and used part of the proceeds to buy back their 2026 bonds at a yield of around 5% price of 102... So that BBSY +700 line is costing 10% now, (for what is drawn)..
on the 72mm bonds they they bought back it is costing them 5% more per year to fund.. that is $3.6MM/year and $14.4mm over 5 years.
I assumed that the old CFO resigned/was sacked, partially because of this crazy capital management, but who knows.
I questioned investor relations at the time and was only told "the syndicated institutional debt market product is very different from the listed bond product"... still the numbers don't add up to me.
There official announcement stated:

"The new facilities provide greater flexibility in future capital management, including around shareholder
distributions, reducing the amount of capital we are required to retain on our balance sheet,
allowing us to move to a more capital efficient model. The updated terms and conditions are also
more consistent with our fund management model."

i understand that may be the case, especially for undrawn funds, but I worry about the running cost of a debt line at 10%..
I would rather lend to OBL at that level than own their equity.at $4.53. Anyway.. i've cut 80% of of position from between $4.3-4.55.
I certainly hope their fund/business performance is more than enough to offset what looks like poor capital management to me,
but when i see stuff like this, i start to worry.. back in may/june when this was happening the price was low enough that i was willing to overlook it, but as the market tries to rerate this stock, i get a bit more nervous..


If any of you out there have any feedback I would love to hear it. happy investing.