Ann: Chairman's Address to Shareholders , page-9

cheetah a share buy back only makes sense if the buyback can occur at a price lower than the value of each share. At the moment the market price is overvaluing each share so a buyback would not make any sense - it would reduce shareholder returns rather than improve them. A poor use of capital.

This company is tightly held so there is not a lot of traded stock (free float). I suspect a lot of retail holders have taken a look at the dividend yield and bought simply for that return. In FY14 many of them will realise that the dividend suddenly doesn't look so attractive - that may be the buying opportunity that Rstuff alluded to (and I agree).