What should we be waiting for ?MLX are still cashflow +ve at...

What should we be waiting for ?
MLX are still cashflow +ve at current prices.
If they announced a $30m buyback, how would that adversely affect any of their options ?
They are coming to the end of the area 5 upgrade spend and have not discussed capex initiatives to reduce opex. If these are available, of course I would support expenditure on that.

For holders a buyback would: a/ Effectively increase each of our stake's at an attractive price by 10% and b/ Support the share price.
I used to think the latter unimportant, as I am a long term shareholder, but the importance of the share price, is that if there is a takeover bid, bidders often rely heavily on the bid price relative to the recent prevailing share price and unfortunately, so do institutional holders.
Intrinsic value seems to have a much lower weighting from what I have seen over the last few years of takeovers.

The issue for me is not that I want to sell out, on the contrary, I would like to own more and feel more secure in knowing that the management were not hoarding the cash to splash on some whimsy [remember when GRR, another Tasmanian company with a great asset and Chinese links, bought Melbourne property in a spectacular flop?]. Having the share price at say 50c would also provide some defence against lowball bid.

As things stand, if there was a 50c bid tomorrow, I think it would be likely to succeed, unfortunately.