Reduction in net debt has been a thing of beauty...Debt...

Reduction in net debt has been a thing of beauty...

Debt Reduction
June 22 - $42.9M
Sept 22 - $38.8M
Dec 22 - $37.2M
Mar 23 - $38.0M
Jun 23 - $17.6M
Sept 23 - $18.3M ($6M dividend)
Dec 23 - $9.1M
Mar 24 - $7.9M ($6M dividend)
Jun 24 - $1.9M

Also through the buy-back MSV have bought back ~5.3M shares for ~A$2.07M... So we are talking $43M in share buy back + debt reduction, and a further $6M in dividends paid by the company in 2yrs (24mnths)... A$49M paid or repaid, and the market cap is $96M... A genuine opportunity for wealth generation here, many similarities to an investment I made in HZN.

MSV have a strategy, clearly stated, to return up to 75% of post tax profits in dividends. Will only take another 3-9mnths of strong operational performance to start seeing a large increase in the dividend IMO, although I feel the recent wording is that 'we are open to acquiring growth'. As @hagetaka already suggested, I would love to see a more aggressive buy-back approved, would have my vote.