without a buy back GXY is on its knees and in big danger of an...

Facthunter really is the perfect handle for you. I really enjoy reading your impartial and rational truth bombs

without a buy back GXY is on its knees and in big danger of an easy TO. 
Of course spending development cash to boost SP is kind of wasteful but right now anyone willing to pay a decent price for SDV JV would be stupid to not put in a low ball TO offer. 
IMO we are in a weak position for negotiating SDV without a buy back. 
And unless we do something to show that we are distinguished from the other lithium plays we will continue to get thrown around and treated like them.
Shorts should not logically be targeting a company with the fundamentals of GXY but we have failed miserabley to show our strengths. 

If there were a small buy back as an early warning shot to get the target off of us even way back at $3 - $3.50 we would have never slipped to anywhere near this level and GXY and the board would have all of the respect of the industry. 
We could have potentially had a different sentiment to the rest of the industry and anyone looking to invest in lithium would have looked straight at us.

i guess I'm trying to say in my uneducated opinion that a buy back doesn't have to be a waste, it can be used as a tool for either defence or attack, if used correctly..... But this is all hindsight and probably wrong anyway