Don't forget that the capital set aside for the share buy-back is significant.
While it is reducing the shares-on-issue to improve EPS in the long term, the reserved capital is also reducing EPS in the short term. So 14c per year on current revenue is not reflective of the future. If all else remains unchanged, future dividends will be much higher based purely on less shares and reduced capital reserve requirements after the buy-back is completed.
I did a calc for this on these threads a few months back - looks something like 25-30c per year in dividends... Regardless of market sentiment for the industry, this will raise some eyebrows and generate interest for a sub-$2 stock.
GLTA - This is a big hold for me
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Don't forget that the capital set aside for the share buy-back...
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