It's an interesting view on the SBB. My thoughts are being guided by the fact that only 60ish days ago we received this paragraph in the 4C.
Share Buyback
On 11 July 2022, the shareholders of iCandy approved a share buy back scheme of up to 135 million shares. As at 31 October 2022, iCandy has bought back 26,750,670 shares. In view of the strong quarter and improving business outlook of iCandy, the Board continues to perceive iCandy as being undervalued, and remains committed to its buyback scheme.
Given not much has changed since then, aside from the SP falling further which would indicate the company is further undervalued. Although more notably if the company was intent on saving cash in the bank for further acquisitions, then this would have likely have been there sentiment just 2 months ago. And if that was the case, you would assume they would be crafting their messaging around closing the book on the SBB. Why would they tell the market they remain committed to it? They could have said nothing at all about it.
To me it points to timing...they have 80% of the SBB in the bag - it holds great utility and in my opinion could be used in conjunction with positive announcements to get the market moving.
