I think the company and long term shareholders would be better...

I think the company and long term shareholders would be better off continuing with the buy back, and using the funds to buy good quality distressed assets and the bottom of the cycle, and keep cash on hand to get these assets to a point where they can cash in when the cycle turns.

Dividends are not a good long term strategy - unless the company cant grow the company using these funds, then a dividend is best.

I used to be a long term shareholder, sold out at 20c, but have bought back in on the div announcement as I follow the stock closely.