I am not in favour of a buy back. That would most likely be at...

I am not in favour of a buy back. That would most likely be at market price which is artificially low. A modest dividend would suffice. It could send the share price up and make future capital raising easier. The question is whether by favouring reinvestment of profits in further development and infrastructure the Board is in breach of its duty to shareholders who would like some small part of those profits applied to give a reasonable return on their capital now rather than wait. There used to be something called the business judgment test which gave directors a fair amount of leeway. There still may be. It might be worthwhile establishing a reasonably substantial kitty of, say, $50,000 to retain a top firm of commercially savvy solicitors to advise whether there is any merit in our complaints and perhaps brief a good commercial barrister for an opinion on the same point. If so advised, a legal letter might be sent to the Board formally recording our concerns. It might make them think we have a point. I am too old to help organise such a committee but would be prepared to contribute a reasonable amount being in proportion to shareholding. I was thinking of $1000.00 but hoping there might be enough of us to bring that figure down. Anyone else interested?