Something I don’t understand re the 0.35% MSB share purchase by...

Something I don’t understand re the 0.35% MSB share purchase by BRZ.

LPI paying up for a 1% stake at a A$150m valuation makes sense. It effectively gives LPI. control of the project and adds 2 key non execs onto the board.

BRZ by comparison paid ~$526k for 0.35% to maintain a minority stake. A minority stake well below negative control, with no changes to the board. Granted, the unbundling of all its other assets means they only need cash in the BRZ shell for corporate overheads but why buy the MSB shares? Surely the logical move to maximize shareholder value would have been to do a share buyback of BRZ shares? $526k could buy 3.5% of the company. By my maths that’s the same as buying 0.63% of MSB plus a share of the non core assets. Substantially more than the MSB share stake of 0.35%. Unless there is a strategic reason I’m missing this wasn’t a logical move.

Perhaps it’s Martin Borda buying up BRZ shares with the proceeds from the MSB sale?! Sell at a A$150m valuation and buyback at half price.