The CEO has a lot of power and a lot of undervalued shares. ...

The CEO has a lot of power and a lot of undervalued shares.  What's his best option?  Improving the share price probably doesn't interest him much and selling shares at anything like the current price will just reduce his hold on the company for very little cash. His objective will be to get as much cash as possible out of the company and into friendly hands.  And if there is a risk of losing control, then he will want to cash out as fast as possible. A share buy-back doesn't achieve this - it's probably is worst option.  Upsetting Australian shareholders will not worry him. My tip is an expensive acquisition deal.  
I remember Optima, a 4c stock that paid out a large dividend (1 or 2c) but later went into liquidation (2008).  A dividend was the best way for the CEO, Cornel Ung and family to get cash out.  Any shareholder that projected from this single dividend to a future return was sadly misled. I think that any dividend to XPD shareholders is unlikely and I wouldn't expect more than one dividend.
(I was a holder, have sold out to get my capital loss while it still trades.)