$500 million of cash in the war chest and projects that are...

$500 million of cash in the war chest and projects that are still in a profit situation

The question is what to do with almost 50 cents per share in cash to create shareholder value rather than trading at a discount to cash at bank

At present there is about 1 billion shares on issue with one shareholder group controlling about 30% of the stock

The daily average turnover is about 5 million shares , and the short position is around 11 million shares which a buy back would shake out.

$60m of shares buying power would reduce the shares on issue to around 800 million and leave $440 million of cash left to fund the business , however with 800m of shares on issue compared to 1 billion the end shareholder would have even more cash per share net asset backing about 55 cents per share.