No buyback because they're already tight on cash and have to reduce dividends. Family not acquiring probably because LGB already owns 49.95% and risk triggering an MGO. Funds not buying because they can't wait for FY27. Retail probably not chasing because everyone's waiting for a lower price since the big seller is still selling. But obviously somebody saw value - that's why we saw that big off market trade in the last sell-down.

Concessions are not affected by change in gov - only delays in rate hikes, e.g. toll hike (gov compensated Tali) & SWM rate revision. We had 5 different PMs from 2018-2022: no change. Concessions: water (extended 2022, expire 2036), highways (started 2007 & 2014, expire 2032 & 2045), SWM (expire 2033).