Ann: Half year results announcement, page-56

Just a couple of points,first my flawed suggestion,which I will repeat noting the 'M' who has superior financial analysis.I'm not being sarcastic.
ie off market share buy back at say .50 cents,with say .20 cents being FC'd resulting in a fc return per share of .085 cents resulting a return to share holders of .585 per share and if sxe made the buy back based on $20m,including fy20 that would result in a return to shareholders of .585 per share and a reduction of shares on issue of 40m..
Now i'm going on holidays because i dread the response from 'M'.(sry greedy benson can't ignore that fc balance).

The other part which is important for me is it shows very strong sxe management imo to allow that cash to build up in the bank (excliuding the point M made about contract liability.)ie on my maths including fy20 there should b real cash in bank of approx $20m.So maybe the buyback should be restricted to $15m.?
Acquisitions,well again,heyday and management having the self control to allow the bank account to build imo shows they understand the importance of trying to get full value out of any acquisition.
ps it appears they so far control/manage that contract liability in the bank balance
This is what goes on in my brain anyway..
ps my holding in sxe is what i regard as minimum holding but enough to pay what i regard as a material div.Of course thats fully expecting they will pay a final div of 3 cents.