I'm not precisely sure what comments you are referring to... but...

I'm not precisely sure what comments you are referring to... but here are my thoughts on "might be less than we think".

As the business is conservatively run, the cash balance is indeed 'tied up' for working capital. It has been made very clear that the cash balance at face value is, in a sense, a bit misleading. So none of that worries me. It bothers me that there seems to be an assumption that a share buy back must involve millions of shares being repurchased. It doesn't and I don't think anyone said it does. So for the company to say there are literally NO funds for a buy back, I see that as incorrect and/or incomplete as a response/explanation. Would the same explanation apply if share price was at $0.15? When I asked such a question there was no response, though I was told it would be put to the board.