please explain share buy back?, page-9

Iceman

CDU has no income stream. It has already raised capital, and this capital has bought many things like: shiny new trucks, 4 years of pre JORC playing with dirt, adminastrative costs etc
It also used this borrowed capital to buy back its own shares when they were $5 to create "shareholder value". That value has been negated by the fact the buyback was not complemented by an adequate resource update.
If you deduce that CDU has been a non income company that created shareholder wealth through acts of administrative paternalism (whether that be through buybacks or Waynes mythologising) the missing dividends you talk of are in fact already here.....in intangible such as confidence, reassurance and ho hum adventure.
sort of like awards night at scouts