Ann: Investor Presentation Q1 2023, page-53

Surely a buy back program is required here - even if we borrow funds to do so.
Currently net debt to equity is around 51% - not an overstretched situation and 60% shouldn't be a stretch given the company's signifciant points of differecne and moat protection due ot the capital costs of manufacturing at this scale.
This would free up some $35m USD (say $53m AUD) to go buying unwanted shares at the current ridiculous price level.
Besides, commercially it is a no brainer as we would be buying 81c AUD worth of tangible assets for around 60c.
The interest bill, and I'd assume the rate circa 10% would be $5.3m AUD against which there woud be dividend savings of some $1.32m AUD (assuming 1.5c on the possible 88.3m shares mopped up). Okay a cash shortfall of $4m per annum but look at the free kick of 21c per share AUD on some 88.3m shares or 18.5c
It certainly would demonstrate Board commitment to the company and the value now on offer. And, institutions might well sit up and take notice of a more shareholder centric company as opposed ot a previous regime where the 'family' did things to favour the family. Plus the buy back will take some of the high Beta out of this share.