the problem, page-2

The best investment they can make right at the moment is to buy back their own shares. They are available at half price so why look for bargains when they are right in their face.

If this buyback proceeded in a similar way to, say, where the company had only 100m listed shares left, then those 100m shares would hold the Petrohawk jv worth $50m and the remaining cash of $75m plus the operating structure.

$1.50 per share?