Share Buyback, page-14

Agreed. The CR was at a particular point in time, an existential one for the company. Access to capital via equity was the best choice last year because it was the only choice.
A buy back now, despite the share price being in the order of 50% higher than the CR should have no bearing on the merit of a buy back at this point in time. Circumstances are completely different from when they were a year ago. Here, now, the company is arguably trading at a large discount to fair value. The "politics" of what the CR was done at is immaterial. If they wait too long the share price will rise along with the outlook for the company. A buy back now at 16c or one in a year when the share price may well be 25c? Both may have validity but I know which one I'd rather....bugger "politics". I have had this on my watch list since the Covid hit and am only a recent owner.