Share buyback, page-16

First of all "EBITA was not $2m" - Net profit was $2m ... hence PE 100, and pathetic PEG (see below).
Secondly, I agree with your posts about the 'relative financial strength of SLR' as per the previous post, but not your conclusions. A$ gold price movements are more important than US$ per say, to rely only on a rapidly improving POG to resuscitate SLR SP over the next 2 years is Panglossian, and overlooks the underperforming parasitic BOD problem. A merger of some sort would strip out a lot of administrative and listing costs, which should go straight to the bottom line, plus with a reinvigorated BOD and better creditworthiness, SLR could/should cheery pick underfunded assets .... wherever they may be.
Cool Hand has strong opinions about the shortcomings of other wannabees but despite being SLR emperor for over 3 years has not come up with one target for SLR or any corporate action that the market is aware of.
Despite the appointment of Len Elderidge, 4 months ago as the 'corporate development officer', growth remains effectively zero and hence the proverbial PEG ratio remains pathetic.  Cool Hand effused as follows
“Len’s appointment comes at an exciting time for Silver Lake and signals the financial turnaround of the Company, driven by strong cash flow generation and resultant balance sheet strength.
Silver Lake’s strategic focus on its Mount Monger Gold Camp has provided the Company a strong core asset with demonstrable exploration potential. Silver Lake’s capital allocation strategy is driven by a focus on maximising shareholder returns and ensuring our investment in organic growth is benchmarked against external opportunities. Len’s skills base and experience will enhance our capabilities as we execute our growth strategy.” what growth Strategy would that be CH ??......"exciting" but not exciting enough for BOD share buying ..... silly me, that's what STI and LTI are for !
Cool Hand, time to SMTM or bugger off.
So, no dividends for the foreseeable future, ditto no share buyback, and therefore the MC will remain relatively stagnant without MC appreciation driven by corporate action.
Good company for employees, profitless prosperity for shareholders is unacceptable !
Your defence of the SLR BOD view of the world makes one wonder if you have a relative in the business (?). Whats your time frame for SP action before the BOD reform ? What's your plan B or Dynamite ?

Key Financial Points (from 2017 Ann Report)

• »  Revenue of $227.5 million
• »  Net profit after tax of $2.0 million
• »  EBITDA (excluding significant items1) of $70.0 million
• »  Fourth straight year of EBITDA margin growth
• »  Cash ow from operations of $64.0 million
• »  Cash and bullion at 30 June 2017 of $69.1 million
• »  No bank debt

1 EBITDA (excluding significant items) is an unaudited, non-IFRS measure