Could ASH be an MBO/privatisation candidate?, page-4

I agree Ronme - its difficult to understand the willingness of this seller/s at ~25c. Given we are likely looking at a dividend of 2.5c-2.7c fully franked dividend in 4 months time, at 25c you are essentially getting the shares for about 22c. My divi forecast for 2020 is 2.8c-2.9c fully franked, so if this occurs, it would mean a grossed up divi yield of ~17% in 2020 for those purchasing at 25c today.
Yes, there are cyclical risks in this stock, but there are also strong growth prospects if the much talked about recession doesn't eventuate in the next 2 years. Nothing is risk free, but you are well compensated for these risks at 25c.
I also note that ASH should end this fiscal year with >$6m in net cash. Accordingly, they could do an on market buyback of 10% of their shares for ~$4m, which would deliver a 11%+ improvement in EPS/DPS while keeping the company in a net cash position. I suspect mgt are keeping their powder dry for M&A, but either way it can only be good for shareholders. (In my view they should announce a buyback program and start buying shares back at the current price - they can then discontinue the repurchases if a good acquisition comes along).