The market cap is $40 million if you add back the debt of $15 million that will be fully drawn down by now to fund the last purchase
Cash in this market is king.
It can be used to buys add on cash flows , in fact private assets are going for less than 5 times the cash they generate so up to $8m cash per annum on a $40 million .
EAS is generating almost no cash on its $40m EV so why you would use the little cash you have to inflate the share price seems irresponsible
Keep the cash to buy cash generation and get the synergies from scale or sell assets that are not generating that type of return if you don't believe there are opportunities out there
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Ann: Daily share buy-back notice - Appendix 3E, page-5
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