Ann: Updated Capital Allocation Policy, page-6

It will drift south again, no doubt. Management met their compliance to their 370k buy back - kudos to them @ around the $8.50 ish mark from memory. The SP @ $9.55 is where it should be, but still way less than its intrinsic value imo. Hopefully much to crow about in the cy23 results. I’m hoping we get one last bang at a ff divvy equivalent to last years, then I’d expect the company will open up another buy back IF there is no acquisition in the offing. As I recollect, Tony mentioned there were 4 privately owned competitors whom they talk to frequently, but nothing has come of this, although the NZ listed aluminium company snuffled one of them about July 2022 and has suffered indigestion in trying to consolidate it. Probably paid too high a multiple.

so yeah I’d expect a slow drift back to $8 to $8.50 before the CY23 results. But, I’ve held for 5 years and am happy with management and the eps and divvies. No reason to sell and volume is too thin to trade.

I also hope they get further ATO clarification on our usability of the past years losses.