return of capital : dividend ratio, page-22

If there was an on-market buyback and IVA did not sell down, the result would be IVA's control of EXS increasing.

I am not sure that is advantageous to other shareholders.

If that chewed up cash that would otherwise be used to explore our tenaments, then EXS could be starved of cash necessary to bring those assets to maturity.

It would also potentially place IVA in a position where they could lob a low-ball offer for the balance of EXS and EXS would not be in a strong position to defend its position.