You are right that if PW said that to German investors it would...

You are right that if PW said that to German investors it would be an absurd situation, it would probably constitute insider trading and require investigation so I do not believe that it is true - more likely short seller 'scuttlebutt'. If a hedge fund is going to short sell a company which is the only one to have brought some treatment to children suffering the terrible disease of EPP, and in the future potentially horrendous diseases like XP, VP or Parkinson's, then they are capable of spreading some scuttlebutt. If anyone had concrete evidence I would complain myself to ASIC but he has been around long enough not to make a stupid mistake like that.

This is not a clinical trial where delays can happen, this is simple capital management like a dividend and I expect Clinuvel to complete it as stated to the ASX below in support of shareholders. Markets are at ATHs, CUV has performed terribly for shareholders over the last 5 years from a share price perspective, the buyback will only use a very, very small percentage of cash and bonuses have even been paid for that accumulating shareholder cash rather than reinvesting into clinical programs. Therefore I think the rather small redistribution of capital to shareholders via purchasing 1.5 Million shares is a non-negotiable, they just need to do it and the new financial year is only days away so it would seem appropriate to start buying back then. Just look at Cochlear with their P/E of about 75, which is about triple CUV, they announced a $75 Million share buyback and they completed it in full with no fuss, if Clinuvel is a big grown up biotech then they will follow through on their own words and complete their buyback in a similar no fuss manner because it is not that hard.

Below is what the Clinuvel board of directors said about the crazy undervaluation, and also what the company said in a recent newsletter regarding the share buyback (underline mine). I note those who gamble against the company are doing their thing again today with the share price down to about 2% below VWAP, buying back 10 or 20 thousand shares day after day after day is a good way to stop that.

"Board of Directors view current market capitalisation as decoupled from the Company's value". PW said on the same release "Given expected earnings, underlying growth in existing and new porphyria markets, current cash reserves, and projected expenses over the next 12 months, redistribution of capital to shareholders through a buy-back program is appropriate".

"We have chosen the moment of a repurchase as first clinical results for 2024 are published, andwe will keep at it until those who gamble against the Company have understood the message.Given the expected future cash flows, we are in the position to prolong the program when required, since Board and management do not believe that market value has reflected the Company's performance in recent months. To those shareholders who have proven supportive, we have waited for the right moment to strike on your behalf."

"The share buy-back further increases the relative percentage of ownership for our owners, and thereby compounds CLINUVEL'S strategy to minimise dilution. With 1,500,000 shares (or approximately 3% of the outstanding share capital) to be repurchased, we hold a longer-term view on capital management without jeopardising plans to reinvest and expand the Company."

"The first trading days after the buy-back announcement on 14 March dispelled the myth that the share price is reflective of performance only"

All IMO DYOR