BUYBACKS ROSS - with every last cent, close the VIP door for good, page-801

I agree that a company update in this area (funding approach to refurb plant1) is warranted in the June qtrly, but I don't see anything dire about the situation.
That $15milUSD working capital facility to fund the plant #1 refurb was also calculated based on zero dollars coming in from the retail aspect of the SPP. But KCN raised $8M (AUD) via the retail SPP... eg; ~$5mil USD. Plus there is $15-$18milAUD of working capital built in the institutional aspect of the cap raise and given the promising initial performance of Plant 2 restart I'd say that working capital cash need was overly pessimistic.
So while you say the company do not have finance to refurb plant1, I say maybe they have purposely disengaged with their funding pursuit as their financial situation has improved since the cap raise announcement, and maybe it's just a point of pushing the plant1 refurb back a few months until the cashflow from plant2 production is sufficient to cover it, and yes they still need to provide an update regarding the status of the $7.5M (USD) preference shareholder loans.

What this also tells to is that a share buy back can't be justified until there is a bit more clarity around the funding approach to refurb plant1 and repay the preference shareholder loans.... previously I was one of the advocates to buy back shares right now.