Laz, what you are perhaps forgetting is that before PBD was a $4...

Laz, what you are perhaps forgetting is that before PBD was a $4 share it was a 12 cent share, with over 600,000,000 shares outstanding.

From the year 1998, the price was in the cents, sales started slowly, debt was repaid, dividends started modestly, there was a share consolidation, and then in the middle-end of the cycle dividends ramped up and $1.90 in dividends were paid out over 3 years. at the end of the first cycle (2007) the market was red hot. In my opinion PBD was never worth $4-$5, and i never bought at these prices.

The cycle is now starting again, except this time the planning process started from a earlier stage of approvals and is about 9 months behind schedule (love you wapc), but there will be about 88 cents in dividends paid out over the next 13 years from Point Grey.