The reason why most don't is because the SP trading below cash...

The reason why most don't is because the SP trading below cash is due to market sentiment and overall weakness in the market they operate. If these things didn't exist the company would not trade at a 38% discount to cash. In MGX case , they are prioritising future growth over divi or buy back. However at some point they may be expected to do both and that time is approaching IMO. Their contract liability is falling and is about 30m less than June last year and IO margins are positive and cash growing . I think the insurance pay out is the one last remaining piece of the capital management puzzle