Not True. You cannot assume that all investors have your time...

Not True. You cannot assume that all investors have your time line or financial requirement. Some investors would be happy to forgo Divs for a few years and reinvest cash back into the business. And a business that has a ridiculous Market low PE, investing some cash in oneself is prudent.

This is why large companies have a capital management department. Thus far WHC has BB shares, paid huge dividends and doubled and diversified the revenue base. The fact that Buy backs are even mentioned is testimony that the company is cheap.

If the company can have the holy trinity of 1) Pay Divs, 2) Pay debt, 3) Invest in oneself via BB ( when the PE is low) would be exceptional capital management.

Of course BB would not occur until interest bearing debt has been expired. IMO

I for one hope Anglo American takes 12 months to find a suitor for the coal assets. This would give WCH some head room to pay off the Interest bearing debt and be in the game.