AGM on 30/4/26. Hopefully the managment will address the following questions which I have emailed them. 

Question 1: On Capital Allocation Strategy (Rights Issue vs. Share Buyback)
The Contradiction:  In pre-spin-off interviews, management strongly suggested a rights issue to reward shareholders by allowing them to buy shares at a discount. However, post-listing, the company has sought a buyback mandate (reducing capital) instead of a rights issue (raising capital). Furthermore, despite obtaining the buyback mandate in March 2026, the company did not repurchase any shares even as the stock traded down towards $0.505.
The Question:  Could management clarify the logic behind shifting from a capital-raising stance (rights issue) to a capital-reduction stance (share buyback)? Given that the buyback mandate was obtained but not utilized when the share price was depressed, does this indicate a lack of conviction in the valuation or were there other factors preventing deployment?

Question 2: On Financial Transparency and Reporting Frequency
The Context:  While the company adheres to SGX listing rules, investors are currently relying on analyst reports to track capital deployment progress  . Given that a key part of the investment thesis is the successful deployment of cash into vessels, there is a significant information lag between quarterly periods.
The Question:  Given the market' s reliance on understanding the pace of cash deployment into the 50-vessel pipeline, will the company consider providing voluntary quarterly business updates (even if not mandatory)? This would help bridge the gap between semi-annual reports and assure shareholders that the $400 million cash hoard is being actively put to work.

Question 3: On Return on Investment (ROI) of Deployed Capital
The Context:  The company targets project IRRs of 10-15% (unlevered) and 20-30% (levered). However, the FY2025 financial data shows a  Return on Equity (ROE) of ~7.8%  and a  Return on Invested Capital (ROIC) of ~5.6%  . This is significantly below the stated project targets.
The Question:  The financial statements indicate a Group ROE of ~7.8% and ROIC of ~5.6%  , which lags the 10-15% IRR targets. Is this simply a function of the large cash drag (where cash is earning near-zero returns), or are there specific vessel investments currently underperforming the 10% target? When does management expect the Group' s actual ROIC to converge with the 10-15% project target?

Question 4: On the 5-Year Growth Trajectory and Fleet Scaling
The Context:  The company has successfully secured a $90 million leasing contract for 13 vessels. However, the long-term thesis relies on scaling this to the " up to 50" newbuild pipeline. Investors need a quantifiable benchmark to track success against management' s own aspirations.
The Question:  Looking ahead 5 years, what is management' s specific target for recurring leasing income (charter income + finance lease interest) as a percentage of total income? Specifically, what proportion of the 85+ vessel portfolio (including newbuilds) do you intend to place on long-term leases versus holding for spot trading or capital gains, and what EPS growth rate does that imply?