Yep I agree. That's what I would have expected with the FY23 results as well.
As others have speculated on here, one possible reason why it hasn't happened might be the need for an increased stake or joint takeover of Synlait.
Between the Synlait financials coming out soon, the 20 day period of negotiation of their supply agreement that is underway, and the A2's AGM in November, it feels like there will be more to come out on the Synlait front. I'd be surprised if there is not a capital expenditure (i.e. buyback or investment) earmarked in the next 3-6 months but that's just my guess.
A2M Price at posting:
$4.28 Sentiment: Hold Disclosure: Held
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