In this case capital management should take the form of some...

In this case capital management should take the form of some type of 'return of capital'

I think the only options are a special dividend- and given that they should have some franking credits they may take this road. Or a share buy back which should boost sp.

Although i would much prefer a share buyback as they would be buying them low now and issuing shares at a much higher price down the track, the general illiquidity (if there is such a word)of CXM makes this difficult.

A spec dividend would seem to be on the cards but the problem with this is that the sp will drop after distribution making it a zero sum game.

An acquisition, i don't think comes under heading of capital management, but it is one way of spending $ that may add value.

I hope they are gutsy and start buying back their own shares. Imagine what spending $10m or so could do to sp?

CXM is in a crazy situation of having cash > than market cap and much of that cash is uncommitted to current projects.

"Shareholders will be updated in due course." I'm looking forward to it!