We need a recovering share price and a well-capitalised balance...

We need a recovering share price and a well-capitalised balance sheet.
I expect they will:
- Pay out some of the cash as a dividend to retain a mid to high single digit dividend yield (and obviously this will go up as manganese prices recover).
- Appoint new management team and new Chairman, and do investor roadshows outlining strategy.
Both of these will get institutional money back into the stock and help share price.
- Once more cash has built up and share price is more acceptable, they will deploy this capital (either as cash or stock) opportunistically as and when they find good, cheap assets that can also bring synergies. I don't expect them to buy junior assets, I expect it will all be FCF producing mines.