Hard to make sense, page-6

Todays buy-back notice shows Adacel have paid $1.18/share for ~1.2 million shares of the total allowable 7.8 million shares in the 12 month share buy-back which expires 30 May 2019  .  I think Adacel should keep net cash on the balance sheet and probably keep a small dividend in place for credibility.  The argument around accelerating the buy back at these depressed share prices has more merit than paying an unfranked dividend.