Ann: Notice of Annual General Meeting/Proxy Form, page-3

well I think it is crazy.
everyone has been complaining that YOW has overheads which are too high.
( and wait for it - this AGM wants us to agree to more pay increases and equity payments!)
we have not reached cash flow breakeven, or cash flow positive --- ie so we are eating into our cash balance.

so the principal reason that the SP has held up at low end of 18c - is because our cash backing is about 15c !

so if YOW spends that cash, then there is no buffer to stop the SP going down to the new lower cash backing !

dump the cash, and the SP will totally rely on the financial performance of YOW - and the mkt simply has not been happy with that performance - that is WHY the SP has crashed.

A BUYBACK OF SHARES IS A SHAM WAY OF INCREASING THE SP.

IT IS ILLUSIONAL, AND SHORT TERM.

IF THE UNDERLYING PERFORMANCE DOES NOT IMPROVE, THEN THE BUYBACK EFFORT AND EXPENSE WILL BE FOR NOTHING.

I believe we should husband our cash, preserve it, and use it to support the business and expansion.

Only when the business is cash flow positive and profitable should the company use its cash to buyback its shares.
That will be the time when YOW can actually demonstrate that it does not need the cash.

cheers