As someone who had held AMU for a while before exiting in the...

As someone who had held AMU for a while before exiting in the low 30 cent range I agree that the opportunity cost is the killer.

Further, I see little value in AMU doing a buyback. What this company seems to continually forget is that the only thing that matter is shareholder return. My thoughts, worth little really, are as follows:

* Scrap the buyback.
* Start a 2c per share annual dividend.
* With stated EBITDA of AUD$14M this uses less than half that.
* The remaining $8M pa, plus $20M from the sale proceeds, can go towards development.

I actually can't see a better use of shareholder funds than that. The company would have no reason at all to stated that they can't afford the dividend. They would still have cash to invest in development at a consistent but moderate pace (fast for a short period with results determining if finds increased cash flow or not).

Not a holder for some time. Really, to me this seems like more of the same. Unless they changed their approach to "shareholder returns" I have no interest in this stock apart from a past shareholder who is disappointed with management past and presents approach, and a potential investor who would invest subject to changes as outlined above.

MJS