A mandate is not permission to buy. Spot at $127.31 sits 18.1 percent above the first acquisition zone at $107.79, so no order fills and none is placed. Capital action WATCH / NO ACTION. The full execution architecture is published anyway: three zones at 40/35/25, a $45.72 hard stop on a weekly close, a weighted cost basis of $76.84 at full fill, reward to risk of 25.5 to 1, and a maximum loss of 0.81 percent of book. Nine execution gates, none passed. Status CONDITIONAL, NOT