buys convertible notes, page-18

Yes John you have summarised that well - DRA have to fork out $12mil in cash to C/N holders within the next 10 months - they save 10%pa interest if they have the spare funds to do it early.
They have many development projects in the immediate pipeline that require some considerable capital to develop and IMO the Company would almost be irresponsible in instituting a share buyback program because I don't see these pools of cash sitting around on their Balance Sheet anytime this year.
I know we all want a higher shareprice but let's wait for market forces to produce that rather than the Company artifically increasing the price - I'm sure there'll be some corporate move in the not too far distant future and we should have the patience and wait for that outcome.