Perhaps the market is taking into account the value per share of the note buy-back. 50 million notes at $0.95 was a debt of $47.5m. If 100% are bought back at $0.25 that will cost $12.5 million or a net reduction in debt of $35 million or about $0.23 per share.
Of course it won't be 100% (somewhere between 70% and 100%) and you also have to take the dilution from the new freebie shares into account, but it's still a big positive on shares which were only worth 10c this time last month.
AXO Price at posting:
23.5¢ Sentiment: LT Buy Disclosure: Held
