Iron ore price, page-1598

As I said previously, this is what happens when the board takes no action when the IO price is high and cashflow strong and fails to respond.

The Board missed a golden opportunity when IO price was $90, cashflow was stronger and costs low to
- reduce capital on issue by a share buyback
- reduce debt faster by extra paydowns
- issue a dividend to long suffering holders

With the large shares on issue of 9B, there are plenty of yankee bondholder sellers (7B) who got their shares for 1c-2c to flog them for whatever they can get.

The Board now should have over $130M in cash at bank and use that to buyback shares aggressively at these low prices as that would effectively be a repayment of swapped debt now heavily diluted equity by slashing shares held by prior creditors now shareholders using cash from higher IO prices.

Yet the Board did nothing! Amazing, the Board must now-
- start aggressive share buybacks at these low prices using cash at bank
- reduce debt faster by additional paydowns of debt
- secure AGOs future by wiping out the debt and reducing shares on issue and tightening the share register
- raise the share price thereby

For those who agree give this a thumbs up!