With production not operating to full capacity, and not planning...

With production not operating to full capacity, and not planning any further CR, can I ask why you want a share buy back to push up the price marginally? A buyback is not going to push the price to $1.50 let alone $2. Or are you simply looking to sell at around $1.30?

If KCN engages in a share buyback at a certain price (say $1.20), the market could simply interpret this as the fair valuation, meaning the share price doesn't significantly increase. There needs to be a meaningful buyback, and KCN won't/can't do this. Another way to look at this is the previous buyback 3-4 years ago. I think it was around 70c ceiling. The price didn't move too far from that buyback price, and the buybacks were quite minor. On an opportunity cost basis, it would have been better not to do the buyback and maintain the cash to reduce the amount of debt KCN ultimately needed for the restart.

The other consideration is KCN isn't paying dividends yet, so buying back isn't providing an increase in dividends/EPS, which would likely trigger a buying opportunity in the market

I would much rather prefer the C-Suite buy KCN shares themselves as a sign of confidence and keep the cash for now (I recommend you study the 5C with regards to how many quarters of cash is left). The fact management are not buying KCN shares tells me they are not as fully competent in KCN as we would hope they might be