Ann: 2023 AGM Presentation, page-38

I've actually got a response from Dusk investor relations to share with you now guys. This one does go into a little more depth as follows:

There is a general misconception that we have surplus cash in the business due to the size of our cash balance at end December which coincides with the key Christmas trading period. This is our peak for cash which is then used to meet our working capital requirements for the remainder of the year. As a result, dusk would need to borrow funds to undertake a buyback which would not only weaken our financial position but limit our ability to invest in growth initiatives or respond to other opportunities as they arise. Given the uncertain economic outlook, the Board believes it is important to maintain a strong balance sheet with no debt. I would also note that overseas shareholders are more likely to advocate for buybacks because they are required to pay tax on dividends even if they are fully franked.