Because of working capital build-up and because I assume BCB could be fully deleveraged in 1yr if being managed prudently.
Looking 3-4 years out and considering higher prices are likely... let's not forget there would be excess cash being generated over time.
Given how depressed the current share price is, just a small buyback would have a material impact on returns. Not that one is in the cards right now, just saying there is enormous optional value (higher prices, buybacks, dividends, synergies with Fitzroy, etc.).
Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-37
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