Do a company buyback, page-22

I agree with you. A dividend is always more welcome than a SBB.

X64 has a pretty low liquidity due to only 228M shares being on issue. Most of these shares are in the hands of the top 20, so not many shares available for trading. The SP can move up or down on very low volume, so removing too many shares from the register via the SBB could dry up our daily volume as well.

On the other hand, a SBB can also be very value adding for all shareholders when shares are bought back at cash backing and well below the NTA, as is the case right now.

Always two sides of a coin.