Share buy-back, page-92

although im not inetersted particularly in seeing a consolidation, you have put the nail on the head as to why consolidations are generally negative. Companies that continually capital raise needing to tidy up their ever expanding SOI... it is the continual CR that is devaluing a stock not the consolidation itself.
With that in mind, and the fact that we are healthily cashflow positive and have not needed to CR since going into production I dont see a consolidation as something negative to us.

whether we are being suppresssed to kill momentum for cheaper accumulation or whether someone is exiting over a long period is anyones guess.. GmcG would be better positioned to know what is going on with the registry than you or I.
however in either scenario, a buy back is to our advantage.. it either assists an exit in completion, or causes upward pressure against a momentum killer.