Breakaway Research Report - Aug 2022, page-27

If GC21 is successful, I think they'll revisit the consolidation and buyback of unmarketable shares.

Molton going over 50% could be a convenient excuse for them not to do an on-market buyback.

There's some similarities between HZN and OEL. A few years ago HZN was bailed out by their major shareholder IMC as their c/note debt became due. Sp dropped to around 3.5cps. PNG was a disaster for them. They poured over $100m in and sold for pennies in the dollar...Bribery scandal saw the exit of the CEO.... Their China and NZ based assets have done ok though
Anyway, last year they undertook some capital management initiatives.

 On-market buy-back - an on-market buy-back of up to a maximum of
100,000,000 ordinary shares representing approximately 8% of ordinary
shares on issue. The Board considers that the current operating
environment provides an opportunity to return value to shareholders.
Further details of the share buy-back are contained in the Appendix 3C
released today.
 Unmarketable parcel buy-back – an off-market share buy-back offering
to acquire unmarketable parcels1
of Horizon shares held as at 7.00pm..........
...........The Board has determined a target payout ratio of up to 30% of free cash flow generated per
annum.........""

LINK

That was followed by a capital return, enabled by options exercise and the small proceeds from the PNG divestment.

" Horizon is pleased to announce that the Board has approved an equal capital
reduction of approximately A$22.1 million or 1.4 cents per ordinary share (Share
Capital Reduction), subject to shareholder approval. ............."
LINK

They're now trading back at their pre pandemic levels which is more than I can say for their ASX listed peers.



Not recommending HZN one way or the other, I dont hold it. Just pointing out some similarities with Otto, and what HZN are doing, which has proven to be sp supportive for them.