I suspect that the major shareholder will block any share...

I suspect that the major shareholder will block any share buy-back as it would increase their percentage holding which may be problematic. Alternatively, they would have to sell into the buy-back which would negate the benefit to them.

Either way, the board needs to consider the interests of all shareholders and do something about the large cash holding. Management have been unable to secure an attractive acquisition during what appears to have been the bottom of the commodities cycle and it is very unlikely that they will achieve one now.

MGX needs an activist shareholder to take on the board. The upside could be 50% or more for anyone that can get the balance sheet working more efficiently. Hoping for some fireworks at the upcoming AGM.