Ann: Quarterly Activities Report, page-12

The way I read it is "we currently have $180m in cash and we have a few opportunities we are working through at this stage" being:

1) Commitment to support Rentails: "Progress on Rentails, the details of which have not yet been finalised."
2) Acquisition: "Maintain a healthy cash balance that will allow it to pursue a growth by acquisition strategy" This would be to support/takeover firs tin or other similar operations.

Until they have the finalised detail on Rentails they will continue to hoard cash. Once the detail is known, they will either: 1) commit the cash to Rentails if positive, or 2) scrap Rentails if not economic.

I see zero reason for MLX to buy AFM shares. If you wanted AFM returns/dividends you can go and buy AFM shares.

"Any realised value is a long long time away" This is why you and I are different to management. They are not here for a quick buck. They see and play the long-term game.