Ann: On-Market Share Buy-Back, page-33

I'm in.

1. This was valued at over a billion dollars not long ago. It means nothing by itself, but a small shift in sentiment could see this pivot sharply. It's not as though this is some loss-making speculative stock.
2. A highly invested and well-aligned founder (who hasn't sold a single share) with a long track record of success.
3. A history of director buys (most well above the current share price).
4. A niche industry with growing regulation means there are genuine barriers to entry.
5. The stock buyback supports the share price and is a great sign of confidence in the underlying business.

I've watched several interviews with the founder; he strikes me as sharp and no nonsense. He made some stupid and insensitive comments, but purely as a business owner, there's a lot to like.

As to dividends, whatever the potential benefits, DGL has made clear that there is no dividend policy on the horizon. The company doesn't see itself as mature and intends to invest aggressively in consolidating the industry. It's a massive challenge and not without risk, but the potential upside is tremendous. Exciting times ahead!