Ann: Quarterly Investor Update, page-18

Agreed. They spoke at length in answering a few questions regarding "inorganic growth" and that they routinely get buyout offers that they consider but Nathan Mitchell conceded it was difficult to progress anything when MSV's equity was trading so cheaply. That said wouldn't you think if that was the case then that they'd forget about inorganic growth and invest extremely heavily in buying back their own heavily discounted equity? I don't understand the rationale for considering acquisitions when they're this cash generative/have net debt under good control & yet dribble the buyback. As much as I like the dividends, they're unfranked......arguably until they start paying tax next year & the dividends start to be franked a better use of excess capital would be buying back more cheap shares.

Crank up the buyback. Big time