That said dividends and buybacks certainly would be very positive. As I have high confidence in APAC/MLX persuing only investments with high risk adjusted returns, I can wait for the eventual high cash returns. You can take comfort in APAC owned MGX paying dividends in the past (despite being a challenging assets). Furthermore APAC itself treats minorities fairly and pays actually a decent dividend (10%yield).
PS: if you check the history of MGX (Mount Gibson /iron ore) there are at least two incidents (seawall failure, fire), which the company would have not survived without extremely painful dilution, had they not likewise kept a decent net cash position. Explains in my view management's conservative stance
Ann: Appendix 4E and Annual Financial Report, page-11
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