Buyback or Dividend.

What is in the best interest of holders ?
- While the buy back does reduce the Shares on issue at a snails pace, it does not provide buying pressure (to push lines higher), but accumulation support at weaker price points. ? Ultimately a win for shareholders should a monetization event transcribe to a payout per share as a capital return.

or
- eg. Pay a 0.1c dividend, cost 5m.
That would send a message to the market, to review the positive cash flows, and attract dividend seekers.
While, at the same time the monetization event can still proceed to a larger scale capital return.

The question is, what is in the best interest of holders ? to provide a direct incentive to the market to buy the stock and hold it for annual dividends until the monetization occurs ? or to allow the shares to slowly be extinguished from the buy back, returning a larger capital return ?

If the company believes that the shares under unfairly discounted to the NPV, then it should consider what will give the market appetite, and awareness, and belief. That is what drives the trigger finger on the BUY, HOLD, SELL buttons.