Ann: AOG Half Year Results Presentation, page-13

They haven’t been doing the buybacks yet, just announced them. The presentation deals with this a little where it says excess cash after May will be considered for buyback.

They are in a bit of a cashflow squeeze in the first half and expect it to improve this half.  Really it will all depend on if there settlements pan out the way they are hoping.

This stock confounds me at times. The fundamentals look like “how could this possibly fail” yet somehow the value is never realised ? The NTA is ridiculously discounted. I can’t work out if its just future value that hasn’t been realised and will come or there is something terribly rotten that I can’t see. I have been with it since it was FKP.

The royal commission won’t likely touch Aveo but it is on the nose with analysts because of an over simplified attack in 2018 by the media. I am suspicious that when sentiment turns on this one it will recover.