CM8 - What could be the positive catalyst?, page-38

My sentiments exactly.

The loan is not due for payback until until next year and in the meantime may leave a cash pile offsetting the debt which is dead money in a way.

As you say, so long as they don’t need the cash ( as there will be more coming in over the coming year to cover the loan anyway) then buying back shares could be a very cost effective strategy right now while the price is so low. Could in effect double or triple their investment over the year. Ie buy now at 9-10 and reissue in a year at 18-30 (or higher if all goes well)

Would soak up a lot of the loose stock floating around and tighten things up somewhat.

Totally agree a dividend would not be a good idea.