I think that is what he meant by "capital management...

I think that is what he meant by "capital management initiatives"

The share price since the announcement has been disappointing, i think too much has been read into the word "non-binding" or otherwise people don't seem to understand that the debt they have off-balance sheet is also matched by assets they have off-balance sheet.

Only thing I am missing is that the $900 million includes the assets of the off-balance sheet Sigma Rewards but not the debt. If so, watch the legal action come thick and fast.