Jul. 17 at 2:08 PM
$TONX’s July 1 buyback plan makes the per-share math more interesting.
Current reported assets imply about
$371.8M of residual common NAV against a
$183.5M market cap, or roughly 0.49x. At that discount, a cash-funded repurchase can increase both TON holdings per share (HPS) and residual NAV per share.
Illustratively, spending
$10M at
$3.245 would retire about 3.08M shares. Even after reducing cash by
$10M, residual NAV per share would rise from approximately
$6.58 to
$6.77.
But authorization is not execution. TONX has not disclosed the plan’s purchase amount, and its July 10 S-8 registered 13M incentive-plan shares. The useful measurement is the net change in actual shares after buybacks and award issuance.
