MGX's SP is low because, IMO, the market reckons the money they...

MGX's SP is low because, IMO, the market reckons the money they have is "at risk". That is, its not how much money you have, its what you're going to do with it that counts (this is, in fact, the reason companies that trade below cash backing aren't all that rare).

MGX management have run our company fairly well. However, they have not shown any real entrepreneurial flair outside IO. So they either return the cash as a special dividend or as a capital return, which should be about SP neutral (if my view is correct) or risk it on an investment for which they have limited expertise.

A cash return to shareholders is probably the least risky of their/our options.